The New International Economic Order within the United Nations Essay

The New International Economic Order within the United Nations - Essay Example In the past 65 years the international flow of capital has grown rapidly as a result of the removal of the trade barriers. The trade barriers had completely disappeared in the Northern side of the world and the developing countries of the world were gradually embracing the open market notions especially in the East Asia and the former Soviet Alliance (Rose, 2010, p. 169). But the aftermath of the Great Recession in the years 2007- 2009 has marked the reversal of these trends. And at an initial glance it seems as if the economic environment is headed towards a stunning reversal of the globalization. The reversal in the trend frightened the traders and the respected institutions started referring to the acts as â€Å"the protectionist juggernaut† and â€Å"widespread harm done by discriminatory state measures†. (Rose, 2010, p. 170) Nobel Laureate economist Paul Krugman is of the opinion that â€Å"when it comes to international trade, actually it’s not the Great d epression, it’s worse.† (Rose, 2010, p. 170; Armstrong, Lloyd and Redmond, 2004, pp. ... Hence in an attempt to change the present scenario it set a group of 77 to coordinate their position and demands by the help of the developed countries. This was highly criticized by the economists who were of the opinion that the underdevelopment in any country is completely and endogenously internal problem of the economy which is a result of some inadequacies and deficiency of the country itself. They opined that in order to address the inadequacy and the deficiency in the underdeveloped economy truly the nation has to analyze the root causes which were present in the imbalance of the international economic relations where the developed countries dominated with its established orders. Hence to break the vicious circle of underdevelopment the prime concern will be to address the relationship of dependence- domination which has restricted the countries of South from creating a true development strategy. This is the time when the debate on the prevailing economic order originated the reby implying a need to reshape the principles by disapproving the old ones. While the economists were engaged in the debate the jurist had a new approach to address the issue that is they brought in the concept of international development law which would take into considerations the rights and interest of the countries of South. This was a diversion from the conventional analysis of development issues but the third world countries viewed the approach as new and interesting but they were of the opinion that the approach did not consider the changes required to meet the demands. The analysis was carried forward by a series of proposals concerning the changes that are required in the aspect of international relations and