ISSUES IN THE NEW INTERNATIONAL ECONOMIC ORDER
There have been a lot of imbalance and economic problems created as a result of the groupings of the various countries into developed and developing nations. The developed nations are highly industrialized with favourable terms of trade and balance of payment positions.
The developing countries are frustratingly depending on the developed countries for their survival owing mainly to the primary production nature of the developing nations. Under this situation of dependency, there is the tendency of serious exploitation of the developing nations by the advanced ones.
This feeling of complete domination therefore by the developing countries give rise to the agitation for protection which eventually gives rise to the formation of New International Economic Order to provide succour to the developing nations of the world.