The reaffirmation of developing states’ sovereignty under international law in the new (new) international economic order

Purpose The 1974 UN Declaration on the Establishment of a New International Economic Order (NIEO Declaration) proposed reforms to the global economic governance aimed to ascertain the “economic sovereignty” of developing countries. The world order that followed the dawn of the NIEO Declaration emerged in a backlash to this demand and severely restricted developing states’ “economic sovereignty.” However, its manifesto seems to be reemerging like a Fenix in midst of the geopolitical dislocations and uncertainties of the current global conjuncture. The purpose of this study is to show that we are witnessing the construction of a (new) new international economic order characterized by the renaissance of developing states’ “economic sovereignty” under international law. Design/methodology/approach To arrive at its conclusion, this study uses an empirical quantitative method of analyzing treaties, domestic laws and regulations and relevant state practice which follows a multidisciplinary approach to international economics, politics and law. Findings This study will demonstrate that recent reforms of the international legal framework regarding states’ food sovereignty, their “right to regulate” for legitimate social purposes and their power to control the activities of multinational corporations within their territories reassertain developing nations’ “economic sovereignty.” Originality/value This study aggregates new findings to support the ongoing academic debate on the changing paradigm of international economic law in the current global order.