What was New international economic order.whyy was it created

When the Western European nations were experiencing rapid economic development in 1970s, most of the developing countries did not benefit from their (Western European countries) rapid economic growth. Therefore, they organised themselves as a group, G-77 to demand a new international economic order. By the NIEO, they meant a system that would give them control over their natural resources, development assistance, fairer prices for raw materials and better access for their manufactured goods in the markets of the developed countries.