In our view, the establishment of a new international economic order depends on global recognition and acceptance of the following fundamental principles. First, in a world of interdependence, the growth or decline of one nation or group of nations can have immediate and direct consequences on the fate of other nations or group of nations. Secondly, interdependence should inevitably mean collective responsibility, for only then can inequality and injustice be removed. Thirdly, decision-making on the pattern of necessary change should be shared equally by all countries. Fourthly, national and global endeavours, for development must be based on a recognition of sectoral interdependence.

It is axiomatic that while the main burden of responsibility for national development rests on national governments, responsibility for changes in global structures chiefly rests with those who control the overwhelming percentage of international trade, investment, industry and technology. Briefly, the developing countries want to eliminate the economic disparities between developed and developing countries and to obtain their due share of the growth of the world economy. Therefore, institutions and structures which perpetuate or aggravate present injustices and inequalities must be dismantled and new ones created.

Having said this, I cannot but note that while no commensurate action has been taken to redress the injustices of the past. There has been a growing awareness on the part of most of the developed world that it is in their own interest to accept a new re-ordering of the world’s economy, and that a new diffusion of power has to come into being which does not allow for domination by any nation or block. The fact that a series of intergovernmental conferences have been, and are being, held to deal with different aspects of development within and outside the United Nations is a refreshing sign of this awareness.