ABSTRACT
The economic system that emerged after World War II—relying, as it does, on market-economy principles—has formed the basis for unparalleled world economic growth. The industrial countries were confronted with the design at the Sixth Special Session of the United Nations General Assembly, which—due to massive and, to some extent, political pressure from the developing world—adopted an action program to establish a new international economic order. The need for structural changes in the industrialized countries—a need which has become more evident than ever during the present recession—links up with the desire of the developing countries to achieve larger shares in markets. The difficulties that the developing countries face when earnings from commodity exports fluctuate can be solved in a better way, at smaller cost, and without direct interference in the market. The developing countries will, nevertheless, continue to pursue their goal of establishing a new international economic order.
