New International Economic Order

Summary of New International Economic Order

A scheme for the restructuring of the world's economy to permit greater participation by and benefit to developing nations. The “new order”is not a specific program, per se, but a declaration of principles and an agenda of topics for discussions between industrialized and developing nations; these discussions are known as the North-South Dialogue. The articulation of principles arose in response to the general deterioration of economic conditions in the early 1970s. The formal “Declaration for the Establishment of a New International Economic Order”emerged from the United Nations General Assembly in 1974.

Among basic elements to be resolved in creating the new order are reaffirmation of the international monetary system; assured and affordable supplies of food to underdeveloped nations; debt relief and concessionary aid; commodity agreements and relaxation of tariffs; long-range development questions, including exploitation of the seas.

The declaration calling for a new economic order has stimulated specific aid measures on behalf of developing nations, including debt restructuring and reduction or elimination of tariffs on some developing country exports.

See Generalized System Of Preferences, Retro-Active Terms Adjustment.

(Main Author: William J. Miller)

New International Economic Order

Embracing mainstream international law, this section on new international economic order explores the context, history and effect of the area of the law covered here.

Resources

Further Reading

• The entry “new international economic order” in the Parry and Grant Encyclopaedic Dictionary of International Law (currently, the Encyclopaedic Dictionary of International Law, 2009), Oxford University Press