PROSPECTS OF A NEW INTERNATIONAL ECONOMIC ORDER

Abstract

Peace, prosperity, and equity have evolved to be the ultimate mutually interrelated values representing inspirations, goals, and objectives of individual nations and the international community at large. The tragic human loss and devastated destruction resulting from WW1 and WW11 created an overwhelming convention that humanity can no longer tolerate such terrible consequences of wars. Therefore, an international system should be created to sustain Peace, security, and global cooperation for growth and development for international community. The paper applies a comparative approach to test those goals and objectives against trends, performance, implementation, practices, and outcomes of current international order. Analysis will focus on structural imbalances in international economic order (IEO) between developed and developing countries that cause dissatisfactions and disappointment among various countries about practices and results of international economic order. Consequently, a declaration of United Nations on New International Economic Order in 1974 was adopted to set up new norms aiming at restructuring the IEO to reflect the intended goals and objectives. Due to the setbacks of IEO in achieving goals and objectives economically, politically, and socially a growing movement is building up to generate an alternative IEO as intended by developing countries, group 77 countries, and recently BRICS group. Confrontation between the pros and cons of NIEO has been escalating in various events and platforms. American hegemony with the support of European Union (EU) through policy of sustaining and promoting low intensity conflicts, battles, disputes in different region and states has resulted in massive destruction, death spurts, a mass migration, a widespread homelessness, sharp poverty, cute hanger, and widespread diseases, presenting an evident of a complete failure of current international order. More political and economic pressure and a growing force are driving the world community towards a NIEO. The paper explores various scenarios of possible structure of the NIEO in favor of a multilateral international order.