8. Evolution of the International Economic System Flashcards
(126 cards)
1
Q
What is the international economic system?
A
The international economic system encompasses the global network of economic relations, institutions, policies, and practices that facilitate and regulate trade, investment, and financial flows among countries, aiming to promote economic cooperation, stability, and growth on a global scale.
2
Q
What were the origins of the international economic system?
A
The origins of the international economic system can be traced back to the mercantilist policies of the 16th and 17th centuries, where states sought to accumulate wealth through trade surpluses, and later evolved towards liberalism in the 18th and 19th centuries, emphasizing free trade and minimal government intervention.
3
Q
What was the Bretton Woods system?
A
The Bretton Woods system, established in 1944, marked a pivotal moment in the formation of the modern international economic system, aiming to prevent economic turmoil by creating the International Monetary Fund (IMF) and the World Bank to oversee financial stability and provide development funding.
4
Q
What was the purpose of establishing the international economic system post-World War II?
A
The international economic system was established to restore stability and rebuild the global economy after World War II.
5
Q
What is the aim of the International Monetary Fund (IMF)?
A
The IMF aims to provide financial assistance and advice to member countries facing balance of payments crises, ensuring global financial stability.
6
Q
What was the significance of the Bretton Woods Conference in 1944?
A
The Bretton Woods Conference aimed to create a stable framework for post-war global economic reconstruction and prevent future conflicts and economic crises.
7
Q
How did the collapse of the Bretton Woods system affect international monetary policies?
A
The collapse led to greater emphasis on floating exchange rates and macroeconomic policy coordination among nations.
8
Q
What role does the World Bank Group play in the global economy?
A
The World Bank Group focuses on long-term economic development and poverty reduction, especially in less developed countries.
9
Q
What were the key outcomes of the financial crises of the late 1990s and 2008?
A
These crises highlighted the need for reform in financial regulation and supervision, leading to initiatives like the Basel Accords on banking supervision.
10
Q
What is the Non-Aligned Movement?
A
The Non-Aligned Movement is a coalition of emerging nations that sought to avoid entanglement in the superpower rivalry during the Cold War, advocating for an alternative world order and more equitable economic policies.
11
Q
What led to the end of fixed exchange rates in the Bretton Woods system?
A
The Bretton Woods fixed exchange rate system became unsustainable, culminating in the US decision to suspend the dollar’s convertibility into gold in 1971, leading to the adoption of floating exchange rates.
12
Q
What are the key features of neoliberal economic policies?
A
Neoliberal economic policies emphasize deregulation, liberalization of trade and investment, and the role of the market in governing economic activities.
13
Q
What was the significance of the establishment of the World Trade Organization (WTO) in 1994?
A
The establishment of the WTO marked the evolution from the General Agreement on Tariffs and Trade (GATT) to a more comprehensive framework for international trade, including services and intellectual property, aiming to provide a stable and predictable international trading system.
14
Q
What is the main function of the International Monetary Fund (IMF)?
A
The main function of the International Monetary Fund (IMF) is to promote international monetary cooperation, offering policy advice, technical assistance, and financial support to help countries build strong economies.
15
Q
What is the role of IMF Loans?
A
IMF Loans offer short to medium-term loans primarily funded by member contributions to assist countries facing balance of payments problems.
16
Q
What is the main function of the World Bank?
A
The main function of the World Bank is to focus on long-term economic development and poverty reduction by providing technical and financial support for specific projects or sector reforms.
17
Q
What are the components of the World Bank Group?
A
The World Bank Group includes the International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), and Multilateral Investment Guarantee Agency (MIGA), each with specific mandates to foster economic progress and support private sector initiatives.
18
Q
How do the IMF and World Bank cooperate?
A
The IMF and World Bank cooperate by complementing each other’s efforts in assisting member countries, including high-level coordination through annual meetings and management consultations on major issues.
19
Q
What is the Heavily Indebted Poor Countries (HIPC) Initiative?
A
The HIPC Initiative is a collaboration between the IMF and World Bank aimed at alleviating the external debt burdens of the poorest countries to promote sustainable development without future debt issues.
20
Q
What is the Poverty Reduction Strategy Paper (PRSP) approach?
A
The PRSP approach, supported by both the IMF and World Bank since 1999, aligns national policies, donor support, and development outcomes to combat poverty in low-income countries.
21
Q
What is the purpose of the Global Monitoring Report (GMR)?
A
The Global Monitoring Report (GMR) is jointly produced by the IMF and World Bank to track progress towards the UN Millennium Development Goals (MDGs) and assess contributions from various countries and institutions.
22
Q
What does the Financial Sector Assessment Program (FSAP) focus on?
A
The Financial Sector Assessment Program (FSAP) focuses on strengthening financial stability and assessing the financial systems of countries, initiated in 1999.
23
Q
What are the achievements of Bretton Woods Institutions in promoting economic growth and trade expansion?
A
The Bretton Woods Institutions contributed to significant economic growth and expansion of international trade in the post-World War II era, with world trade growing faster than world production from 1950 to 1975, fostering international money and capital markets.
24
Q
How did the IMF contribute to order in international monetary affairs?
A
The IMF contributed to international monetary stability by enforcing exchange-rate rules and providing short-term credit to countries facing balance of payments challenges, thereby avoiding detrimental economic measures.
25
What role did the World Bank play in long-term financial support post-World War II?
The World Bank provided long-term credit for reconstruction and development, facilitating growth in war-devastated and developing areas, a role not typically filled by private markets.
26
What was the impact of GATT on trade liberalization?
GATT facilitated tariff reduction rounds, significantly lowering tariffs on manufactured goods and promoting principles of non-discrimination and market integration among industrialized nations.
27
How have Bretton Woods Institutions adapted to new global challenges?
The Bretton Woods Institutions have evolved to address new global challenges such as environmental issues, data flows, and policy problems beyond traditional national boundaries, promoting multilateralism and transparency.
28
What criticisms are associated with the operational mechanisms of Bretton Woods Institutions?
Criticisms include overlooking rule of law and human rights, loan conditionality leading to increased poverty and inequality, bias towards developed nations, lack of fair representation, and compromise of national sovereignty.
29
What is the significance of TNCs under the influence of Bretton Woods Institutions?
TNCs play pivotal roles in global economics, reshaping policy and development under the influence of Bretton Woods Institutions.
30
What are the implications of governance emphasis by Bretton Woods Institutions?
The emphasis on governance has significantly influenced global policies, raising discussions on sovereignty and equity implications.
31
What were the early attempts to establish an organization for trade and commercial policy?
Early attempts date back to 1947, including the drafting of the Charter for the International Trade Organization (ITO) at the Havana Conference, which was never ratified.
32
What is the General Agreement on Tariffs and Trade (GATT)?
The General Agreement on Tariffs and Trade (GATT) is a multilateral agreement aimed at promoting international trade by reducing trade barriers and ensuring non-discrimination among member countries, leading to the establishment of the World Trade Organization (WTO).
33
What does the Most Favored Nation (MFN) principle entail in GATT?
The Most Favored Nation (MFN) principle in GATT requires that any trade advantage granted by one member to another must be extended to all other members, ensuring non-discrimination in trade practices.
34
What were the main features of GATT?
The main features of GATT include Non-Discrimination (MFN principle), Reciprocity, Economic Integration, and Trade Liberalization, which aimed to facilitate fair and free international trade among member countries.
35
What were the reasons for GATT's limitations?
GATT's limitations included reduced growth rates post-1973, unequal barrier reduction favoring developed countries, exclusion of agriculture, and a perceived bias against developing countries.
36
What were the key issues addressed in the Uruguay Round?
The key issues addressed in the Uruguay Round included Trade-Related Intellectual Property Rights (TRIPS), Trade-Related Investment Measures (TRIMS), and trade in agricultural commodities.
37
What was the significance of the Dunkel Draft in the formation of the WTO?
The Dunkel Draft was significant in the formation of the WTO as it proposed solutions to negotiation deadlocks, including subsidy reductions and tariff replacements for non-tariff barriers, leading to the ratification of the Uruguay Round agreements.
38
What is the authority of the WTO?
The WTO is a powerful legislative and judicial body that enforces rules through sanctions, surpassing the authority of national governments and other international organizations.
39
What is the negotiation-based approach of the WTO?
The WTO's work continues under the Doha Development Agenda, which was launched in 2001, following its establishment from the Uruguay Round.
40
What are the US pressures regarding developing country designations in the WTO?
The US has urged the WTO to revise developing country designations, particularly targeting China for perceived preferential treatment amidst a trade war.
41
What are agricultural subsidies and why are they contentious in WTO negotiations?
Agricultural subsidies are financial supports provided by developed countries to their agricultural sectors, which distort global agricultural markets and hinder competition for developing countries' farmers.
42
What is Special and Differential Treatment (S&DT) in the context of the WTO?
S&DT provisions are designed to give developing countries more flexibility in implementing agreements, longer transition periods, and more technical assistance to address their economic vulnerabilities.
43
What is the significance of Intellectual Property Rights (IPR) in WTO negotiations?
The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) is contentious as developing countries seek more flexibility to access affordable medicines and facilitate technology transfer, while developed countries emphasize strict enforcement to protect investments.
44
What challenges do developing countries face regarding Non-Agricultural Market Access (NAMA) in the WTO?
Developing countries are concerned that steep tariff reductions on industrial goods could negatively impact their economies and industries, as developed countries often protect their markets with tariffs and non-tariff barriers.
45
What is the main function of the WTO?
The WTO aims to ensure a smooth and free flow of global trade, administering trade agreements, resolving disputes, monitoring trade policies, and supporting developing nations.
46
What does the term 'less than full reciprocity' refer to in trade negotiations?
'Less than full reciprocity' refers to the principle advocated by developing countries in tariff reductions, where they seek to protect their emerging industries from premature competition by not fully reciprocating the tariff reductions proposed by developed countries.
47
How has the WTO contributed to the eradication of trade barriers?
The WTO has successfully reduced tariff and non-tariff barriers, enhancing both the value and volume of global trade.
48
What is the significance of the WTO's Dispute Settlement Mechanism (DSM)?
The DSM is regarded as one of the central pillars of the international trading system, providing a structured process for resolving trade disputes between countries.
49
How does the WTO promote sustainable trade?
The WTO encourages sustainable trade development practices as part of its broader agenda to enhance global trade governance.
50
What role do developed countries play in the WTO's Dispute Settlement Mechanism?
Developed countries are active users of the DSM, leveraging their significant legal and economic resources to initiate and sustain disputes.
51
What is the impact of the WTO on consumer choices?
Reductions in subsidies and trade barriers under WTO agreements have expanded consumer choices and improved product quality.
52
What are Developing Countries in the context of the DSM?
Developing countries have increasingly participated in the Dispute Settlement Mechanism (DSM), using it to defend their interests and challenge the trade practices of both developed and other developing countries, although their participation is often limited by resource constraints.
53
What challenges do Least Developed Countries (LDCs) face in the DSM?
LDCs' participation in the DSM has been minimal due to high costs of litigation and lack of legal expertise, although efforts have been made to provide them with technical assistance and capacity-building support.
54
What is the significance of the DSM in international trade?
The DSM has established a rule-based order for international trade disputes, reducing reliance on power-based resolution mechanisms and enhancing stability and predictability in the international trading system.
55
What is the Appellate Body Crisis in the context of the DSM?
The Appellate Body Crisis refers to the deadlock caused by certain WTO members blocking the appointment of new judges, significantly hampering the system's ability to resolve disputes in a timely manner.
56
What is the need for modernization in the DSM?
The DSM needs to evolve to address modern trade issues, including digital trade, environmental concerns, and state-owned enterprises, to remain relevant to current global trade challenges.
57
How can capacity building for Developing and Least Developed Countries improve their participation in the DSM?
Enhancing the legal capacity of developing and LDCs through comprehensive technical assistance and the creation of a support fund to help cover litigation costs is crucial for their effective participation in the DSM.
58
What are the critiques regarding democratic principles in the WTO?
The WTO faces criticism for its lack of democratic transparency, with negotiations perceived as benefiting corporations with insider access, and for enabling countries to bypass domestic democratic processes through policy laundering.
59
What are protectionist measures in the context of developed countries?
Protectionist measures refer to high import duties and quotas that developed countries impose, particularly affecting products from developing countries.
60
What is the TRIPS Agreement and its impact on developing countries?
The TRIPS Agreement limits developing countries' access to foreign technology, especially in pharmaceuticals and agriculture, potentially harming indigenous industries.
61
How do WTO rules prioritize corporate interests over human rights?
WTO rules prioritize corporate profits over labor and human rights, which encourages a 'race to the bottom' in wages and working conditions.
62
What is the GATS and its implications for public services?
The GATS threatens the privatization of essential services like healthcare and education, impacting the most vulnerable communities.
63
What are the environmental concerns associated with WTO policies?
WTO's rulings and policies have been accused of undermining national environmental protections in favor of trade liberalization, leading to environmental degradation.
64
What does Non-Agricultural Market Access (NAMA) aim to achieve?
NAMA aims to reduce tariffs and environmental protections, potentially leading to increased exploitation of natural resources.
65
How has trade growth affected global inequality?
The era of rapid trade and investment growth has seen increased international and intra-country inequalities, widening the gap between rich and poor.
66
What are the challenges faced by developing countries in WTO negotiations?
Developing countries often have limited involvement in negotiations and decision-making, lacking the resources to fully participate.
67
What is the significance of the CMEA in Eastern European economic development?
The CMEA was established to promote economic development within the Eastern European Soviet bloc under Soviet influence, starting with the Soviet Union and several Eastern European countries.
68
What were the motivations behind the formation of the CMEA?
The CMEA was formed due to Stalin's coercion to keep Eastern Europe under Soviet economic influence rather than from genuine belief in cooperation.
69
What is the Economic Role of Russia in the context of CMEA?
Russia, as the dominant member, aimed to bind Eastern Europe economically to the Soviet Union.
70
What were the Trade Dynamics of Russia under CMEA?
Russia engaged in bilateral trade, exporting raw materials for manufactured goods, reversing traditional colonial trade flows.
71
What was the significance of the Market Shift post-1989 in Eastern Europe?
Post-1989, Eastern Europe moved towards market systems and began making trade payments in convertible currencies.
72
What were the Achievements of CMEA?
Achievements included infrastructure development, financial cooperation through the International Bank for Economic Cooperation, and energy infrastructure like the 'Friendship' oil.
73
What were the Achievements of CMEA?
Achievements included infrastructure development, financial cooperation through the International Bank for Economic Cooperation, and energy infrastructure like the 'Friendship' oil pipeline.
74
What is International Political Economy (IPE)?
IPE is an interdisciplinary field that analyzes how political actions and economic policies intersect on a global scale, focusing on trade, finance, development, and globalization.
75
What were the Major changes in the International Political Economy in the post-Cold War period?
Major changes included the end of bipolarity with the U.S. as the sole superpower, increased economic interdependence due to globalization, and the rise of new economic powers like BRICS.
76
What is the Shift in Economic Power?
The economic rise of Asia, particularly China, marked a significant shift in global economic power dynamics, with China becoming a central hub for manufacturing and a major player in global trade.
77
What does Reform of International Financial Institutions entail?
The post-Cold War period saw calls for reform in international financial institutions like the IMF and the World Bank to better represent the interests of developing countries and emerging economies.
78
What are the challenges of Globalization?
Globalization spurred economic growth but also led to increased inequality within and between countries, fueling a backlash against globalization, as evidenced by the rise of populist movements in the West and elsewhere.
79
What is the significance of Gender Gaps in Labor Market Participation?
Globally, there are significant gender gaps in labor market participation rates, with women often having lower participation rates than men, influenced by cultural norms, caregiving responsibilities, and access to education and vocational training.
80
What is Sectoral Segregation in the context of gender roles?
Sectoral Segregation refers to the phenomenon where women and men tend to be concentrated in different sectors of the economy, with women overrepresented in healthcare, education, and service industries, and underrepresented in STEM fields and leadership positions.
81
What barriers do women face in Entrepreneurship?
Women face various barriers to entrepreneurship, including limited access to capital, networks, and markets, despite being increasingly recognized for their contributions to innovation and economic growth.
82
How can Economic Policies enhance gender equality?
Policies aimed at promoting gender equality, such as equal pay legislation, parental leave policies, and programs supporting women entrepreneurs, can enhance economic empowerment and participation of women in the economy.
83
What is the gendered impact of global supply chains?
Global supply chains have a gendered impact, with women disproportionately represented in low-wage manufacturing and agricultural jobs, often under poor working conditions.
84
How does international trade contribute to women's economic empowerment?
International trade can offer opportunities for women's economic empowerment, but realizing these benefits requires addressing structural barriers and ensuring that trade policies are gender-inclusive.
85
What challenges do women face in the informal economy?
Women working in the informal sector face challenges such as lack of social protection, low incomes, and vulnerability to economic shocks.
86
Why is financial inclusion important for women's economic empowerment?
Gender disparities in access to financial services limit women's economic participation and entrepreneurship opportunities, making initiatives aimed at enhancing women's financial literacy and access to credit essential for promoting economic empowerment.
87
What is the significance of integrating gender in economic analysis?
Integrating gender considerations into economic policy-making is crucial to ensure that economic growth is inclusive and benefits all segments of society.
88
What are the legitimacy concerns regarding the IMF and World Bank?
The legitimacy of the IMF and World Bank is often questioned due to their perceived lack of representation and equity in decision-making processes, favoring wealthier nations through a voting system based on financial contributions.
89
What is the relevance of the IMF and World Bank despite criticisms?
Despite criticisms, the relevance of the IMF and World Bank remains significant as they provide financial resources, policy advice, and technical assistance to countries facing economic instability or seeking development.
90
What is the role of the IMF in providing emergency funding?
The IMF provides emergency funding to countries in financial distress, helping them stabilize their economies during crises.
91
What is the significance of governance reform in global financial institutions?
Governance reform is essential to make decision-making more inclusive and representative, allowing developing countries to have greater influence in global financial governance.
92
How can the IMF and World Bank improve their relevance in addressing climate change?
The IMF and World Bank can improve their relevance by prioritizing sustainable development and climate finance, integrating climate change into their lending policies and economic analyses.
93
What is the importance of enhancing transparency and accountability in global institutions?
Enhancing transparency and accountability helps build trust and legitimacy in global institutions by fostering open dialogues with stakeholders and clearer reporting on project outcomes.
94
What role do the IMF and World Bank play in promoting debt sustainability?
The IMF and World Bank promote debt sustainability by offering debt relief initiatives and improving the architecture for sovereign debt restructuring, especially in developing countries.
95
What does the New International Economic Order (NIEO) aim to achieve?
The NIEO aims to reform the global economic system to address systemic inequalities and promote equitable development for developing countries.
96
What is the New International Economic Order (NIEO)?
The NIEO is a broader movement for economic justice that reflects the aspirations of newly independent countries to assert their sovereignty over their economic futures, challenging colonial-era inequalities and advocating for changes in international economic policy.
97
What role did the Non-Aligned Movement (NAM) play in the NIEO?
The Non-Aligned Movement (NAM) played a pivotal role in articulating the demand for a NIEO, as it comprised countries that sought to avoid alignment with either the US or the Soviet Union during the Cold War, advocating for economic independence and justice.
98
What were the key demands of developing countries for the NIEO?
Developing countries called for the NIEO to achieve economic independence, sustainable development, and a fairer role in the global economy, including control over natural resources, fair trade practices, financial flows and debt relief, and technological transfer.
99
Who were Raúl Prebisch and Samir Amin in relation to the NIEO?
Raúl Prebisch and Samir Amin were economists who emphasized the structural imbalances in the global economy and advocated for changes that would allow developing countries to pursue autonomous development strategies, with Prebisch particularly shaping the economic theories underpinning the NIEO.
100
What contemporary examples reflect the legacy of the NIEO?
Contemporary examples of the enduring legacy of the NIEO include initiatives like the G77, a coalition of developing countries in the UN advocating for economic justice, and the BRICS grouping, which seeks to create alternative institutions reflecting the interests of developing countries.
101
What is Economic Inequality and Exploitation in the context of developing nations?
Economic Inequality and Exploitation refers to the biased international economic system that favors developed nations, leaving developing countries as primary commodity exporters subject to price fluctuations and economic instability, while developed countries benefit from higher-value manufactured goods and stable economies.
102
How did the Colonial Legacy affect developing countries' economies?
The Colonial Legacy left many developing countries dependent on a limited number of commodities and integrated into the global economy in ways that served the interests of their former colonial rulers, perpetuating underdevelopment and dependency.
103
What were the impacts of Global Economic Crises on developing nations?
Global Economic Crises, such as the oil crisis of 1973, highlighted the vulnerabilities of the global economic system and the interdependence between developed and developing countries, prompting calls for a more equitable economic order for stable and sustainable development.
104
What role did the Rise of the Non-Aligned Movement play in advocating for the NIEO?
The Rise of the Non-Aligned Movement provided a platform for Third World countries to voice their demands for a more just and equitable international order, including the call for the New International Economic Order (NIEO).
105
What was the significance of Increased Awareness and Solidarity among Developing Countries?
Increased Awareness and Solidarity among Developing Countries led to a recognition of shared challenges and the potential strength of collective bargaining power, which was instrumental in pushing forward the demand for the NIEO.
106
How did Development Theories influence the demand for the NIEO?
Development Theories, such as dependency theory, emphasized the need for developing countries to break free from economic structures that kept them in a state of dependency, shaping the demand for the NIEO.
107
What were the Calls for Fair Trade Practices by developing countries?
Calls for Fair Trade Practices included demands for fairer terms of trade, greater access to international markets, significant technology transfer, and increased aid and investment flows, with the NIEO seen as a pathway to achieving these objectives.
108
What is the Desire for Economic Sovereignty and Self-Reliance in the context of the NIEO?
The Desire for Economic Sovereignty and Self-Reliance reflects the aspiration of developing countries to have greater control over their natural resources, develop their industries, and pursue economic policies suited to their own needs, free from external domination.
109
What is the objective of Fairer Terms of Trade under the NIEO?
The objective of Fairer Terms of Trade under the NIEO is to improve the terms of trade for developing countries, ensuring they obtain fair prices for their exports relative to imports from developed countries.
110
What does Increased Development Assistance aim to achieve in the context of the NIEO?
Increased Development Assistance aims to secure greater amounts of development aid from developed countries, including financial aid, technology transfers, and increased foreign direct investment under more favorable conditions.
111
What is meant by Sovereignty over Natural Resources in the NIEO framework?
Sovereignty over Natural Resources in the NIEO framework refers to the right of countries to exercise control over their natural resources and foreign investment, including the nationalization of foreign-owned assets without facing retaliatory measures.
112
What is the goal of Economic Diversification as part of the NIEO?
The goal of Economic Diversification as part of the NIEO is to promote industrialization and diversification of economies in developing countries to reduce dependency on a limited number of commodities.
113
What is the purpose of stabilization of commodity prices in the context of NIEO?
To establish mechanisms for stabilizing commodity prices to protect developing countries from the volatile swings in the prices of their exports.
114
What is the role of the Common Fund for Commodities in the NIEO?
To finance the stabilization of commodity prices and support the development of alternative sources of income in developing countries.
115
How does the Generalized System of Preferences (GSP) benefit developing countries?
It allows for preferential tariff rates for exports from developing countries into developed countries' markets.
116
What is the significance of strengthening South-South cooperation for developing countries?
It allows developing countries to share knowledge, resources, and technologies to reduce dependence on the North.
117
What challenges does the NIEO face from industrialized states?
Developed countries resist changes proposed by the NIEO, viewing them as threats to their economic interests and the existing global order that favors them.
118
Why is enhancing negotiating capacity important for developing countries in the context of NIEO?
It enables developing countries to negotiate as a unified bloc in international forums to push for reforms that align with the objectives of the NIEO.
119
What is the economic dependence on developed countries?
Economic dependence on developed countries refers to the reliance of developing nations on developed countries for exports, aid, and investment, which can lead to significant changes and challenges without risking economic retaliation.
120
What is the Insecurity Dilemma among Post-Colonial Societies?
The Insecurity Dilemma among Post-Colonial Societies is characterized by internal conflicts, political instability, and interstate conflicts, often rooted in colonial legacies, which undermine the ability of these societies to present a united front and effectively pursue economic development strategies.
121
What has led to the declining significance of the Non-Aligned Movement (NAM)?
The declining significance of the Non-Aligned Movement (NAM) is due to its waning effectiveness as a unified advocate for the New International Economic Order (NIEO), caused by diverging interests and priorities among its members, leading to a lack of unity and fragmented solidarity.
122
What are the implications of the rise of Regional Trading Blocs?
The rise of Regional Trading Blocs like TPP, NAFTA, and APEC has focused on deepening economic integration among member states, often sidelining the broader goals of the NIEO and having exclusionary effects on non-member developing countries.
123
How does poor regional cooperation affect developing countries?
Poor regional cooperation, characterized by political rivalries and economic disparities, hinders effective regional integration and cooperation among developing countries, limiting their collective bargaining power on the global stage.
124
What is the significance of South-South Cooperation in the context of NIEO?
South-South Cooperation is significant in the context of NIEO as it aims to enhance collaboration among developing countries by sharing resources, technology, and knowledge to reduce dependence on the developed world.
125
What role does the Non-Aligned Movement (NAM) play in advocating for developing countries?
The Non-Aligned Movement (NAM) serves as a platform to unify and amplify the voices of the Global South in advocating for equitable global policies and reforms, particularly in the context of the NIEO.
126
What is the proposed way forward for developing countries in the international economic order?
The proposed way forward for developing countries includes expanding South-South cooperation, utilizing NAM for advocacy, pushing for UNSC expansion, and adopting coordinated policies for stronger collective bargaining in international forums.
