ABSTRACT
In recent years, there has been a growing emphasis on the need for structural changes in the organisation of the world economy – as witness the unprecedented series of international conferences on global economic issues between 1973 and 1976. This stems, in part, from the build-up of stresses and strains on the present system created by international monetary instability, global recession and inflation, the foodgrains crisis, and the sudden shock of the oil price rise. It also stems from the increasing pressure from ldcs for a radical change in international economic relations so as to redress the growing inequality between the developed and developing countries of the world, and to bring the needs of the poorest members to the fore. The various demands for structural change and reform in the interests of global equity and justice have been amalgamated into a single call for a ‘New International Economic Order’ (NIEO), adopted without a vote by the UN General Assembly. 1
