For the Western World, NIEO signifies a search for a new world economic order which should bring change, but at the same time ensure continuity in the existing order. They want a change because they are fully satisfied that the existing order cannot continue for long.
But they want that the new economic order should continue to meet the requirement of their economies specifically and that the existing dominance of the West should also continue. They are, therefore, strongly opposed to a radical transformation in the existing order. They want only marginal changes and adjustments.
It is clearly evident that the West has not accepted the concept of the NIEO as put forward by the Third World. In their scorch for a NIEO, they want a mechanism that can serve to keep the Third World under control.
They are, therefore, opposed to a change in the basic character of international institutions such as the I.M.F., the World Bank and the GATT. They also refuse to evolve a legal code of conduct for the Multinational Corporations.
The West wants to show apparent eagerness to develop the Third World, while in actual practice, it is tightening its control over the Third World. In their reply to the” demand for greater transfer of resources from the West to the developing countries, they plead that the aid already given should be properly utilized.
Moreover, they plead that before accusing the West of creating inequality and perpetuating exploitation at the international level, the developing countries should bring about equality and stop exploitation within their own nations. They point out that the ruling elites in the developing countries are themselves exploiting their masses.
Another very important thing that the West wants to introduce in the NIEO is that they want change in their emphasis on industrialization of the developing countries.
They are now emphasizing upon rural and agricultural sector as a solution for self-sufficiency. It means keeping the developing countries at a level lower than the developed countries. This refers to their desire to sustain unequal pattern of international trade.
The efforts for the establishment of a New International Economic Order are not going to succeed unless and until it is recognized that the real issues are as much political as economic. The search for a New International Economic Order can only succeed if it ii recognized that it would also mean a new political order.
The issue pertain as much to the sharing of power between the strong and the weak, as to a sharing of prosperity between the rich and the poor. It is not the lack of economic wisdom but that of political will which is preventing progress.