Major features of new international economic Order:
- The New International Economic Order (NIEO) is the name given to the existing relationship between different countries economies of the world.
- At present there are three main economics existing side by side:
- Highly developed countries of the Western Europe and U.S.A.
- The socialist and capitalist countries of East Europe
- The developing countries of Asia, Africa and South America belong to the Third World. They are economically and industrially backward.
- NIEO envisages such relations between these three economies that the developing countries can also develop themselves. U.N.O. is also giving suitable help to these developing countries.
- New International Economic Order is very useful for the economic development of the developing countries of the world. As we know that the standard of living in the Third World countries is very low. With an improvement in the economic condition of the people they will enjoy social and economic Human Rights.