The New International Economic Order makes an adjustment between different economies (developed and underdeveloped) of the world. The three economies of the today world are:

(i) Capital economy of the developed countries. (Countries of Western Europe and U.S.A.).

(ii) The U.S.A. tops the world with highest per capita income. The economies of the socialist countries like China, erstwhile East Europe and Russia. They have a standard of living and a level of production which is superior to the average third world country.

(iii) The economy of the third world countries of Asia, Africa and Latin America. They have low production. Huge population, low national and per capita income, and are primarily agricultural. The proper adjustment among these three economies would lead to raising the standard of living of the people throughout the world. Under such a situation the people of the world would be able to enjoy economic and social rights enshrined in the Declaration of Human Rights.

So,in the present day world the International Economic Order is characterised by economic inequality between the north and south countries.The pattern of international trade is in favour of the developed countries.The third world countries are dependent on the developed countries of the Northern Hemisphere for both capital and technical know how.Hence a new and just International Economic Order through North South Dialogue and South-South cooperation is the need of the hour so that a wide gulf in economic inequality between the developed and developing countries is removed.