NAM Was Considered a ‘Third Option’ by Third World Countries. How Did this Option Benefit Their Growth During the Peak of the Cold War?
Non-alignment offered newly decolonised countries of Asia, Africa and Latin America, a third option—not to join either alliance. A majority of NAM members was categorised as the Least Development Countries (LDCs), to be developed more economically not to remain dependent on richer countries. A new International Economic Order (NIEO) originated with this realisation. The United Nations Conference on Trade and Development (UNCTAD) brought out a report in 1972 entitled towards a New Trade Policy for Development which proposed a reform of global trading system:
1. LDCs got control over their own natural resources which were being exploited by developed western countries.
2. To make western market available for LDCs to make trade more beneficial.
3. To reduce cost of-technology from western countries.
4. To provide LDCs with a greater role in international economic institutions.
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