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Generalized System of Preferences

Dating back to the 1940s, developing countries called for a change in the international economic system that would promote their interests for the purposes of alleviating poverty and promoting socioeconomic progress. The purpose of the movement towards a New International Economic Order (NIEO) was to replace the Bretton Woods system that had been designed by the United States, who had reaped the rewards of self-reflecting global economic system. Although no formal document regarding NIEO manifested until 1974, efforts by the global community