Key Elements of the New International Economic Order

In the chapter, Mahbub ul Haq spells out his ideas for the key elements in the new international economic order. He points towards creation of key institutions that need to be created for bringing about the new order—a single world development authority to ensure global equality of opportunity; an international central bank, for creation and regulation of international currency; an international trade organization to ensure greater market access for developing countries, for more control over trading infrastructure and for free movement of labour and other goods and services; and a world food authority to ensure that food is available to all. To him the creation of an international central bank, which allows developing countries to control some of the sources of finance, was crucial for the restructuring of the world economic order.