Abstract
As with the old order, the process of establishing a new international economic order is generally slow, owing to developed
countries’ apprehension and fear about disrupting the longestablished world economic mechanism, which has thus far provided them with significant benefits and enhanced their
advantageous position. However, most developing countries’ economic situation is unlikely to improve as long as permanent
solutions, in the form of a new international economic order is not provided and sincerely supported by the developed nations of the
world. There is urgent need to expand foreign trade as well as the inflow of foreign financial and technological assistance. An instance is the reduction of protectionism, both tariff and nontariff, on developing-country exports of agricultural and manufactured goods is a critical factor for the latter’s trade expansion and long-term economic development. However, the lack of progress toward the establishment of the NIEO does not necessarily imply that it should be abandoned entirely; rather, it calls for renewed efforts and demands for changes in the mechanisms governing the economic relationships between developed and developing countries. Using doctrinal method of
research this study reviews the World Economic Order; the oldworld economic order, new world economic order, obstacles and recommendation.
