Perspectives on the future of the world economy: the energy situation and the New International Economic Order

Journal Article · · Econ. Forum; (United States)

OSTI ID:6434117

Hann, D P

Two issues are selected as the major challenges to the world economy during the 1980s: energy and the future of the New International Economic Order (NIEO). The impact of rising oil prices and tight supplies will worsen a condition of account surpluses for the exporting countries and deficits for importing countries; this suggests that both industrial and developing countries pursue a comprehensive energy policy that will slow energy prices, desirable for all nations. Recommended actions include examining the market imperfections caused by the Organization of Petroleum Exporting Countries, slowing the growth of energy demand, and developing alternative energy supplies without interfering with price mechanisms. The Third World seeks a redistribution of wealth in its demand for the NIEO on the grounds that industrialized economies are historically favored, but the fundamental disagreement lies in the philosophical differences between the neoclassical views of the West and Marxist-Leninist ideologies. Many NIEO demands will be debated for years in the United Nations, but developing countries will enjoy a more sheltered trade and a larger voice in international policies anyway. 8 references. (DCK)

• OSTI ID: 6434117
• Journal Information: Econ. Forum; (United States), Journal Name: Econ. Forum; (United States) Vol. 11:2; ISSN ECFOD
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
290200* -- Energy Planning & Policy-- Economics & Sociology
292000 -- Energy Planning & Policy-- Supply
Demand & Forecasting
DEVELOPING COUNTRIES
ECONOMIC POLICY
ENERGY POLICY
ENERGY SUPPLIES
FORECASTING
GLOBAL ASPECTS
GOVERNMENT POLICIES
INTERNATIONAL ORGANIZATIONS
PRICES
TRADE
UNITED NATIONS