The New International Economic Order and its Place in the System of Global Governance in the Context of Colonialism and Neocolonialism

https://www.doi.org/10.32523/2791-0954-2025-16-4-8-23

Abstract

In modern realities, the question of the disparity in the sovereign equality of developed and developing countries, which is expressed in the economic dependence of the latter, is becoming more acute. Together with the process of decolonization in the last century, a system was created called the new International economic order (NIEO), the main purpose of which was to create equal conditions and opportunities for States and to consolidate at a universal level the sovereign right of developing countries to manage their resources and capital. However, the global goals set were not fully realized and, according to the researchers, even opened the way to the current neo-colonialism.

In the framework of this article, the authors analyzed the formation of NIEO as a base for reforming existing global economic regimes, and the place of NIEO in the global governance system. The key problems of the NIEO and the global economic system were identified, which did not allow achieving the goals of absolute equality of states, and which still allow individual states and their associations to "impose" their will on sovereign developing states.