Forget the NWICO...and Start All Over Again

Abstract

Despite the emphasis which has been placed on the New World Information and Communication Order (NWICO), developing countries still do not see information as a key resource to decision-making. The external debt problems which were not foreseen by Latin American countries illustrate how the neglect of specialized information flows weakens the position of developing countries in negotiations which affect their interests. A study undertaken by the author showed that Latin American debtor countries lacked the information necessary to renegotiate their debts due the absence of a mechanism for sharing information and surveying the world economy. By contrast, at an early stage the main creditors had established their own information centre, the Institute for International Finance. Some guidelines for future strategies to improve the position of developing countries in the international economic and information order are suggested.