International markets for LDCs: the old and the new
Abstract
The present international economic system, largely designed and led by the U.S. since World War II, is being challenged by questions of how international markets should operate and who should benefit from them. The call for a New International Economic Order (NIEO) that would be of economic benefit to less-developed countries (LDCs) has been hotly debated. A review of the present system questions its assumptions of efficiency and competition and suggests that a North-South dialogue for change is appropriate. Arguments for this conclusion are that (1) developed countries desire raw materials but limit the number of unskilled workers from LDCs; (2) corporate management of international transactions tends to minimize competition in the marketplace; and (3) worldwide unemployment and low productivity are an indication that increased LDC participation is needed. While some of the push for NIEO may come from capitalist countries seeking to emulate Japan, the possibility that LDCs will benefit should not be ruled out. 7 references.
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