The New International Economic Order within the United Nations Essay

The New internationalist Economic Order within the United Nations - Essay ExampleIn the past 65 age the international flow of capital has grown rapidly as a result of the removal of the barter barriers. The trade barriers had all in all disappe bed in the Northern side of the world and the developing countries of the world were gradually encompass the open market notions especially in the East Asia and the former Soviet Alliance (Rose, 2010, p. 169). But the result 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 frugal environment is headed towards a stunning reversal of the globalization. The reversal in the trend frightened the traders and the consider institutions started referring to the acts as the protectionist juggernaut and widespread harm done by discriminatory state measures. (Rose, 2010, p. 170) Nobel Laureate economic expert Paul Krugman is of the opinion that when it comes to inter national trade, actually its not the Great depression, its worse. (Rose, 2010, p. 170 Armstrong, Lloyd and Redmond, 2004, pp. ... therefore in an attempt to change the present scenario it set a group of 77 to coordinate their pose and demands by the help of the developed countries. This was highly criticized by the economists who were of the opinion that the under nurture 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 battle array to address the inadequacy and the deficiency in the underdeveloped economy truly the nation has to analyze the germ causes which were present in the imbalance of the international economic relations where the developed countries dominated with its established orders. thence to break the vicious circle of underdevelopment the prime concern will be to address the relationship of dependence- control which has restricted the cou ntries of South from creating a true development strategy. This is the time when the debate on the prevailing economic order originated thereby implying a need to reshape the principles by disapproving the old ones. While the economists were employed in the debate the jurist had a new memory access to address the issue that is they brought in the thought 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