The term ‘New International Economic Order’ – often referred to as N.I.E.O. – suggests two immediate thoughts: the first is related to ‘New’ and the second emphasises ‘Order’.

The New Versus The Old International Economic Order

If there is to be a new order, then presumably it must be contrasted with an old order, an O.I.E.O., namely the Bretton Woods system which was established at the end of World War II as a result of Anglo-American negotiations, with an absorbing interplay between the intellect of Keynes, subtly representing British interests, coming up against the hard facts of U.S. power and economic supremacy.