IS THE TIME NOW RIPE FOR RADICAL CHANGES IN THE GLOBAL ECONOMIC ORDER?

The objective of the article is to establish the similarities and differences between the period of the 1970s when the New international economic order (NIEO) was initiated and the contemporary period. Comparative evaluation of the two periods has identified similarities in many fields, leading to the analogy that also now the time is ripe for highly needed radical changes in the global economic order to facilitate fair and inclusive development. Covid19 and related crises, despite being so apocalyptic, together with other differences, have driven the world economy to a critical junction and offer the opportunity for rethinking the anthropocentric development model and for initiating radical changes in the governance of the global economy. The idea of a New inclusive global economic order is suggested, but scepticism exists about whether we have the actors motivated to design and implement necessary changes.