Question

1. The New International Economic Order (NIEO) was a set of proposals put forward by nuetral countries during the Cold War.

2. These proposals were put forward through the United Nations Conference on Trade and Development in the 1970s.

3. NIEO emphasised on the revision of the international economic system in favour of developed countries.

Choose the most appropriate option.

• A. Only 1 and 2 are true.
• B. Only 2 and 3 are true.
• C. Only 1 and 3 are true.
• D. Only 3 is true.

Answer 1

The correct option is A Only 1 and 2 are true.

The New International Economic Order (NIEO) was a set of proposals put forward by some of the developing countries in the 1970s. It was proposed by some of the countries who refused to formally allign with the major power blocs led by US and USSR. These proposals were put forward through the United Nations Conference on Trade and Development (UNCTAD). It was intended to promote their interests by improving their terms of trade, increasing development assistance, developed-country tariff reductions, and other means. It was meant to be a revision of the international economic system in favour of Third World countries, replacing the Bretton Woods system, which had benefited the leading states that had created it – especially the United States.