Consider the following statements about the purpose of the New International Economic Order. 1. To give the Less Developed Countries (LDCs) control over their natural resources exploited by the developed Western countries. 2. To provide the LDCs with a greater role in international economic institutions. Which of the above statements is/are correct?

1 only 2 only Both 1 and 2 Neither 1 nor 2

Both 1 and 2

The purpose of the New International Economic Order. To give the LDCs control over their natural resources exploited by the developed Western countries, (ii) obtain access to Western markets so that the LDCs could sell their products and, therefore, make trade more beneficial for the poorer countries, (iii) reduce the cost of technology from the Western countries, and (iv) provide the LDCs with a greater role in international economic institutions.