Globalisation of the new world economic order: An exploration

Origins, development, challenges and criticisms

by Egelege Jewel Balafaa

An egalitarian economic world. This was the motive behind the submission of the New International Economic Order (NIEO) proposal by the developing countries, most of which formed the Non-Aligned Movement (NAM). It was fuelled by the desire to compete, interact, and relate in the global market independently and in equality, without directly or indirectly being economically colonised by the power bloc otherwise known as the G7. The NIEO, at the time, was the tool these developing countries intended to use to gain their economic freedom from the power bloc and while not all of it was adopted, some of it was.