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The New International Economic Order Essay

1029 words - 4 pages

The New International Economic Order

The gap between the rich and the poor is growing more and more every day. Something has got to be done to solve this issue. In 1974 members of the Third World gathered together at the United Nations. Their purpose was to find the answers to solve the gap between the rich and the poor. A total of seventy-seven members proposed the NIEO, hoping this might solve the gap. The NIEO stands for the New International Economic Order. Its aim was to bring the rich and the poor countries together to discuss issues that might bring the gap closer together. The negotiations of the NIEO were called the North and the South Dialog. Eighteen clauses made up the NIEO. These clauses were the changes that the Group of 77 desired.

One of the clauses stated that each state would be free to determine their own economic and political system. Unfortunately this did not happen due to the fact that rich countries have taken it among themselves to determine what is right for poor countries. The poor countries do not have a say in what they want.

The second clause stated that each state it to control their own natural resources. This means that rich countries will no longer be able to control poor countries natural resources like they had been doing. This causes a huge problem with rich countries who gather natural resources from these countries and the corporations who make money off of the natural resources. The rich countries do not like to see this take place. One example has to do with Chili and their copper. The copper of Chili is controlled by IT&T. During a presidential election in 1970, a man by the name of Allende said that if he was elected he would nationalize the copper. He was soon elected and then fulfilled his promise. The copper of Chili was then owned by the people of Chili. When the US heard of this they wanted to get rid of Allende. During 1973, the US ordered a coup d' etat and Allende was killed. A new leader was then paid to leave the situation alone and let IT&T back in Chili.

The third clause said that the price of raw materials and manufactured goods should be tied. Unfortunately this never did happen. Since the third clause never went into action, it has led to unending inflation because rich countries will never agree to tie the price of raw materials and manufactured good because they want to control inflation. A new economic law has since been passed called GATT. GATT stands for the general agreement on tariff and trade. It states that the market will determine everything and the government will not be able to interfere. The end result of this matter has led to an even larger gap between the rich and the poor.

The forth clause deals with organizational and legal reforms. The "Group of 77" would like to see the international organization and international legal reforms to change. They do...

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