ABSTRACT
This chapter examines the views expressed by the New International Economic Order (NIEO) skeptics in order to clarify the several distinct bases upon which the developed countries are contesting elements of the NIEO. The establishment of a NIEO has become the objective of the developing countries, supported at least rhetorically by the major socialist nations. The chapter considers alternate courses of action open to the developed states for the delay or containment of the NIEO and the policies associated with these strategies. It reviews the philosophical basis of the NIEO, followed by a summary of the critics of the NIEO proposals on practical grounds. Besides the United States, an important international opponent of buffer stocks and other direct market intervention has been the government of the Federal Republic of Germany. The developing countries believe that nations have no obligations as to the fair treatment of investors under international law.
