Question

What is the full form of NIEO
A. New International Environment Organisation
B. New International Economic Organisation
C. New International Economic Order
D. New International Environmental Organisation

Answer 1

Hint: NIEO outlines an alternative worldview of the global political economy that persisted during the 1970s. It largely includes the then existing political structures.

Complete answer: The New International Economic Order (NIEO) included a reconsideration of existing norms and procedures and even relationships and structures that were dominant in the global political economy during the 1970s. It advanced for the universal integration of classical liberalism in the world economy. It was first introduced in 1972 when the developing countries of the Non-Aligned Movement critiqued the increasing global inequality. It came in through the Santiago United Nations Conference on Trade and Development. It advocated for the promotion of the interests of the developing nations by improvement in trade, an increase in development assistance, tariff reductions, and other political agreements. These proposals included the amendment of the international economic system in favour of Third World countries. The major point is the replacement of the Bretton Woods system, which had benefited the preeminent states. According to the proposals, it would facilitate the rate of economic development and growth. On top of it, it would also facilitate market share among developing nations. These countries will be able to fight global issues such as hunger and poverty more efficiently.

Therefore “C” is the correct answer.

Note: Economy plays a crucial role in the development of any nation. For completely eradicating issues such as poverty and unemployment, a nation has to have resources which in turn come from a strong financial hold.