The New International Economic Order (NIEO) emerged in the 1970s as a response to the perceived injustices and imbalances in the global economic system. Which of the following factors contributed to the demands for a NIEO?
1
Rising oil prices and the establishment of OPEC, leading to demands for fairer terms of trade and greater control over natural resources by developing countries.
2
The collapse of the Bretton Woods system and the devaluation of major currencies, resulting in financial instability and currency crises in developing nations.
3
The emergence of multinational corporations as dominant players in the global economy, exacerbating inequalities and exploiting labor in developing countries.
4
The spread of neoliberal economic policies and structural adjustment programs imposed by international financial institutions, leading to economic stagnation and social unrest in the Global South.