A Bleak Future 50 Years after the New International Economic Non-order?

SYDNEY, Jul 03 (IPS) - Fifty years ago on 1 May 1974, the Sixth Special Session of the General Assembly (April–May) adopted a revolutionary declaration and programme of action on the establishment of a New International Economic Order (NIEO) “based on equity, sovereign equality, interdependence, common interest and cooperation among all States, irrespective of their economic and social systems”. The hope was that a NIEO would “correct inequalities and redress existing injustices, make it possible to eliminate the widening gap between the developed and the developing countries and ensure steadily accelerating economic and social development and peace and justice for present and future generations”. Alas, what evolved is far from what was envisioned or called for.

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