ABSTRACT
The concept of a new international economic order as one embodying institutional arrangements which promote the economic and social progress of the developing countries in the context of an expanding world economy must remain the central guide to international action. The formulation and negotiation of an internationally acceptable code of conduct for the operations of transnational corporations—including rules governing the transfer of technology and the regulation of restrictive business practices—would thus constitute an essential element in the evolution of a new economic order. The economic crisis has been accompanied by fundamental changes in the pattern and magnitude of trade and payments flows. The obverse of this payments recovery by the developed market economy countries has been a sharp deterioration in the overall payments deficit of the non-oil exporting developing countries. Trade and economic co-operation between developing countries and the socialist countries of Eastern Europe could also be very greatly expanded.
