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Q.

The Group of 77 demanded a new international economic order called ____.


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Detailed Solution

The Group of 77 demanded a new nternational economic order called NIEO. The NIEO envisioned a system that would give them total power over their natural assets, more development assistance, fair raw material prices, and better access to markets in developed countries for their manufactured commodities. Several developing nations proposed a set of principles known as the New International Economic Order (NIEO) in the 1970s. It was meant to restructure the international economic system to help Third World countries, replacing the Bretton Woods system, which benefited the founding governments, mainly the United States.
 
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