Lessons of the New International Economic Order for the Contemporary World Economy

Abstract

Although the new international economic order (NIEO) has mostly been assessed as a failure, its ideas still seem relevant in today’s crisis environment. The new context clearly shows that the existing liberal international order is ineffective and calls for deep changes like in the times of the developing countries’ fight for the NIEO. The article considers whether its principles remain of relevance today, which ones have been amended and which should be newly introduced, all based on NIEO-related lessons. Dilemmas between international law or a rules-based order as a framework for global governance and whether the proposed new inclusive global economic order is to be based on values (and if so, which) are evaluated. Keywords: new international economic order, new inclusive global economic order, rules-based order, values, principles, international law, global governance, lessons