by Martin Armstrong, Armstrong Economics:

The resolution “Towards a New International Economic Order,” reaffirmed the United Nation’s need for power to continue working towards a new international economic order based on the principles of equity, sovereign equality, interdependence, common interest, cooperation, and solidarity among all States. It passed from 123 to 50.

Back during the 1970s, in the aftermath of the oil crisis of 1973, developing countries used the United Nations Conference on Trade and Development (UNCTAD) for political purposes. The UNCTAD had been set up in 1964 as a counter to the General Agreement on Tariffs and Trade (GATT) which in itself was the forerunner of the World Trade Organization, WTO. They were demanding grand changes in the management of the global economic system. Their demands were embodied in the Declaration for the Establishment of a New International Economic Order (NIEO), which had been adopted by the United Nations General Assembly back in May of 1974.