<Dl> <Dd> A number of social mechanisms are possible to affect resource allocation in any economic order . An authoritative allocation mechanism involves direct control of resources while, at the other end of the spectrum, more market - oriented private allocation mechanisms are possible . Most of the debates within the NIEO occurred over allocation mechanisms, with the southern hemisphere countries favoring authoritative solutions . </Dd> </Dl> <Dd> A number of social mechanisms are possible to affect resource allocation in any economic order . An authoritative allocation mechanism involves direct control of resources while, at the other end of the spectrum, more market - oriented private allocation mechanisms are possible . Most of the debates within the NIEO occurred over allocation mechanisms, with the southern hemisphere countries favoring authoritative solutions . </Dd> <P> NIEO proposes central planning, as opposed to free markets . It is based on the (French) mercantilist idea that international trade would be a zero - sum game (i.e., causes no net benefits), and on the view that it does not benefit the rich at the expense of the poor . Some American economists challenge the idea of trade as a zero - sum game transaction . </P> <P> Virtually no part of the New International Economic Order was implemented . Instead, from the 1980s onward, the Bretton Woods framework would be replaced with the Washington Consensus and economic globalization on terms often described as neoliberal . The economic reach of multinational corporations, rather than being circumscribed, would be expanded significantly . Trade in commodities would shift away from state - dominated cartels towards increasingly financialized markets . The NIEO's emphasis on central planning and state - oriented resource allocation mechanisms would be almost wholly rejected, even amongst the (former) Socialist bloc, in favor of economic liberalization . The formation of the World Trade Organization and the proliferation of free trade agreements would compel the reduction of barriers to trade, generally on strictly reciprocal terms . </P>

Third world demand for new international economic order