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Taiwan Economic Research Monthly
The new world economic order cannot tolerate unfair policies
The world continues to evolve, causing constant changes, and as a result, economic orders are also in a state of flux. There have always been voices advocating for the establishment of a new world economic order due to dissatisfaction with the current order. After World War II, countries like the United States and scholars like Keynes aimed to create a better world economic order, leading to the establishment of various international institutions and systems, including the Bretton Woods System and the WTO, which have made significant contributions but also faced criticisms. In 1974, developing countries proposed the New International Economic Order (NIEO), hoping for special attention to be given to them under the new order. However, in the 1980s, the Washington Consensus and global liberalization became an irresistible trend, promoting the belief that liberalization could solve many problems and overshadowing other proposals. Yet, in recent years, the negative impacts of globalization and liberalization have become apparent, leading to the emergence of new proposals for order. This article aims to discuss the harm and complexity of unfair policies, highlighting that any proposed new world economic order will not be effective unless it addresses or reasonably regulates unfair policies among countries.