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political economy study guide part

political economy study guide part - NIEO this was the New...

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NIEO- this was the New International Economic Order The smaller countries really pushed for this order. This expanded aid and emergency funds; it made it easier to transfer wealth, wanted a reduction in debt, there was going to be a better transfer and easier access of technology, and it gave developing countries the right to regulate multinational countries. This was never put into order because the larger countries like the US never wanted to implement it. Debt Forgiveness The larger, first world countries relieve the third world countries of their debt and accept the financial responsibilities. In order to create the right incentives and to ensure effectiveness of scarce financial resources, countries with good governance should be rewarded with a higher share of total debt forgiveness. Infant Industry This is the argument for protectionism. Protectionism occurs when an industry is just starting out is not able to support itself to the fullest
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