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Modern world with New International Economic Order

Finance is the fuel of government. The world is moving ahead with lots and lots of hopes into the 21st century. If there is no proper financial planning it will head nowhere. The present fractured world scenario is dotted with sensitive trouble spots. The third world comprises the developing countries of the world like India, China, Malaysia, Egypt and most of the Asian and African countries. They have suffered from the old economic systems like the Breton Woods system in the international economy, which favoured the leading countries like the U.

S. so they have put forward the New International Economic Order in 1974 requesting the restructure of the world’s economy that will enhance the participation and the benefits of the developing countries. The main NIEO resolution dealt with the development of the third world as its main goal. The term political economy was first used in the 18th century in England to study the newly born capitalist system’s production conditions; which was replaced by the term Economics in the late 19th century.

It deals with the study of buying and selling, producing goods in relation to the customs and laws of the government; apart from referring to the interdisciplinary studies in

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order to explain the economic systems like capitalist, socialist, mixed, and also the political institutions and their environment. The International political economy (IPE) deals with the International trade along with the affect of the fiscal and monetary policies of the state on it.

Sometimes even Capitalization can be problematic as the investors wants risk free investments with maximum benefits within a short span of time. political economists are arguing whether it is wise to invest so many amounts on long term projects like Space development even though it has progressed very well, but the success achieved will be adequate or not when compared to the billions of money investment.

There were several theoretical developments in the political economy during the last ten years in many conferences in relation to the organizing of legislatures, transmission of information, composition of the Govt. , comparative politics, etc. Gaining an understanding of the political institutions’ role in the process of economic development was the significant application of the approach.

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