The Struggle for a New International Economic Order

Abstract

The contemporary world is in the phase of disintegration of the international economic order. Such a constellation generates a political crisis and additionally encourages an accelerated geo-economic regrouping on the geopolitical axis - Global North and Global South. Divergence of economic interests between developed and developing countries stimulated the process of establishing a new world economic order. This order, which is in statu nascendi, was initiated by regional economic powers (Brazil, Russia, India, China, South Africa – BRICS), which strive to balance the liberal order established by the United States of America and the leading capitalist states after the Second World War. This constellation of relations suits the countries of the Third World to some extent, because by establishing a new economic order, they could achieve some of the key goals and principles of economic independence for which the Non-Aligned Movement (NAM) and the United Nations fought persistently for decades. However, before that, these countries should close their ranks and direct their efforts towards solving the most important international economic problems, which include the reforms of international economic institutions, the establishment of an alternative international financial system to the Bretton Woods system, the progressive development and consolidation of international economic law and the reaffirmation of the role of the United Nations in the sphere of international economic relations.