New International Economic Order

THE ECONOMIC system, as developed in the world over centuries through operation of international markets for commodities, capital and technology under the laissez faire system, has not developed a mechanism for people from different parts of the world sharing the fruits of world economic advance in an equitable manner. What is more, there has been concentration of wealth and economic power in a group of countries and very often one single country has been instrumental in shaping the course of economic events of the whole world. The economic disparity between nations has been growing even after years of political independence of developing countries which constitute two-thirds of the world's population.