Capitalism and World Countries Essay Example for Free

Capitalism and ground Countries EssayThird populace countries were seeking ways of making their erms of trade favorable and maximize its benefits from its interlocking in international trade. NIEO aimed at overhauling international political and economic allege so as to tame the adverse effects of third instauration involvement in international trade. NIEO was simply seeking a reversal of the orbicular trading practices institutionalized by the Bretton Woods system.The term was derived from the declaration for the establishment of a New International scotch Order adopted by the United Nations general assembly in 1974. It happened in spite of appearance the framework of North-South dialogue. It is very important from the onset to really excruciate what the New International Economic Order really is and its ramifications especially to the third world in the current global economic order. earlier NIEO connotes policy directives adopted by the 6-77 with a view of stemming out the wests hegemonic influence in the global economic pecking order.The inspiration behind the NIEO female genitalia be traced to the came with the Bandung plan where optimism from the newly independent countries of Asia, Africa and Latin America were feeling for ways of reforming the global trading and political system. The main aim was to find a framework within which the third world would find the solutions to their problems of underdevelopment within the ideologue of interdependence imposed by the world economy.The crux of this essay is to make an inference whether economic parity between the west and third world countries is assertable in the global capitalist system. The begging question has always been whether the world would move towards a more than poly-centric economic balance of power or whether it would be locked indefinitely in the cocoon of mono-centrism, with USA as the axis of the estern capitalist camp in their bid to maintain the status quo as pertains to the resources often with wretched financial remuneration.But as the third world were as passionate as ever virtually coming up with a new world order the west coalesced behind the so called Washington consensus and met the pro-third world movement with equal passion and desire to maintain the status quo. NIEO was an order that aimed at achieving the following project that third world countries were able to benefit from extraction of third world resources. Ensure that there was adequate capital flow from the centre to he periphery coupled with infusion of efficacious and cost effective technologies in the third world countries. ? Rally for a reform of the global order and correct the mistakes arising from the Bretton woods order and institutions . Ensure that the third world got fairer terms of trade in the global trading system, together with reasonable value for exports to the periphery. Enhance the strength of regional organizations within the third world like the EAC, COMESA and others in Asia and Latin America, this was aimed at increasing the volume of trade within the third world and improve general conomic and technology transfer engagements within the third world.And also enhance the third worlds mature to set up regional marketing and producer organizations. NIEO also aimed at controlling the activities of Multi National Corporations, their activities and their roles as agents of transfer for ecology and capital to third world states. After a detailed study of the objectives of NIEO we can then begin the odyssey in discovering whether NIEO in its entirety was or is international and whether it qualifies to be referred to as an order.