| Summary/Abstract |
International economic order has always remained biased and discriminatory on account of ‘balance of trade’ being always in favour of developed world. The difference between the developed and the underdeveloped countries grew sharper with the rolling of years in the post-second world war era. While the developed countries made further progress, the condition of under-developed countries did not show any improvement. Consequently, the hiatus between the developed and the under-developed countries went on increasing. The developing countries attributed this to the prevalent international economic order established with the instrumentalities of General Agreement on Tariffs and Trade (GFTT), the International Monetary Fund (IMF), and the International Bank for Reconstruction and Development (World Bank or IBRD).
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