Declaration on a New International Economic Order by the UN General Assembly in 1974
In 1974, the UN General Assembly adopted the Third World document on a New International Economic Order, which was supported by the Non-Aligned Movement, the G-77, and the socialist nations. The document affirmed the principles of the right of self-determination of nations and the sovereignty of nations over their natural resources. It advocated: the creation of raw materials producers’ associations to give raw materials exporting states control over prices; a new international monetary policy that did not punish the weaker states; increased industrialization of the Third World; the transfer of technology from the advanced industrial states to the Third World; regulation and control of the activities of transnational corporations; the promotion of cooperation among the nations of the Third World; and aid for Third World development.
In 1974, the UN General Assembly adopted the Third World document on a New International Economic Order, which was supported by the Non-Aligned Movement, the G-77, and the socialist nations. The document affirmed the principles of the right of self-determination of nations and the sovereignty of nations over their natural resources. It advocated: the creation of raw materials producers’ associations to give raw materials exporting states control over prices; a new international monetary policy that did not punish the weaker states; increased industrialization of the Third World; the transfer of technology from the advanced industrial states to the Third World; regulation and control of the activities of transnational corporations; the promotion of cooperation among the nations of the Third World; and aid for Third World development.