The NIEO as Global Keynesianism

Herman Mark Schwartz in Progressive International:

The countries promoting the NIEO were solidly anti-Marxist. Unlike Groucho Marx, they wanted to be a member of any club that might have them — specifically, the club of post-World War 2 developed, relatively sovereign nations using controlled domestic economies and particularly financial systems to promote faster industrialization and stable incomes for primary producers and workers more generally.

In essence, by promoting a new deal for recently decolonized nations and the mostly Latin American countries operating as informal dependencies under first the British and then the US empire, the NIEO group sought to generate a global equivalent of the US New Deal. The New Deal famously legitimized collective bargaining, stabilized agricultural production and prices while also subsidizing incomes, and funded a massive developmental upgrading of the US American internal periphery. In essence, the NIEO proponents sought to expand that post-war ‘fordist’ regulated economy to a global scale, just as immigrant and racial minorities sought access to stable income and employment inside developed country labor markets. Those minorities wanted western democracies to live up to their promises of equality for all citizens; NIEO proponents wanted western democracies to live up to the unfulfilled promises of the 1944 Bretton Woods conference and post-colonial sovereign equality.

More here.