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New International Economic Order
A set of proposals to improve the position of less developed countries (LDCs) by changing their terms of trade with and their arrangements for borrowing from more advanced economies. These were originated at the United Nations in 1974, and pushed by the United Nations Conference on Trade and Development. These proposals included measures to improve the terms of trade for exporters of primary products, measures to improve the access of producers from LDCs to markets for industrial exports in the more developed countries, and a reduction in international debt burdens, particularly for the poorer indebted LDCs. These proposals have led to very little action by the advanced economies.
Reference: Oxford Press Dictonary of Economics, 5th edt.
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