section_path: Independence movements/After 1945/The emergence of the Third World (1945–present)
section_name: The emergence of the Third World (1945–present)
paragraph_text: The emergence of the Third World (1945–present)
  
  Newly independent states organised themselves in order to oppose continued economic colonialism by former imperial powers. The Non-Aligned Movement constituted itself around the main figures of Jawaharlal Nehru, the first Prime Minister of India, Sukarno, the Indonesian president, Josip Broz Tito the Communist leader of Yugoslavia, and Gamal Abdel Nasser, head of Egypt. In 1955 these leaders gathered at the Bandung Conference along with Sukarno, the leader of Indonesia, and Zhou Enlai, Premier of the People's Republic of China. In 1960, the UN General Assembly voted on the Declaration on the Granting of Independence to Colonial Countries and Peoples. The next year, the first Non-Aligned Movement conference was held in Belgrade (1961), and was followed in 1964 by the creation of the United Nations Conference on Trade and Development (UNCTAD) which tried to promote a New International Economic Order (NIEO). The NIEO was opposed to the 1944 Bretton Woods system, which had benefited the leading states which had created it, and remained in force until 1971 after the United States' suspension of convertibility from dollars to gold. The main principles of the NIEO are:
  
  The UNCTAD however was not very effective in implementing the NIEO, and social and economic inequalities between industrialized countries and the Third World grew throughout the 1960s until the 21st century. The 1973 oil crisis which followed the Yom Kippur War (October 1973) was triggered by the OPEC which decided an embargo against the US and Western countries, causing a fourfold increase in the price of oil, which lasted five months, starting on 17 October 1973, and ending on 18 March 1974. OPEC nations then agreed, on 7 January 1975, to raise crude oil prices by 10%. At that time, OPEC nations – including many who had recently nationalized their oil industries – joined the call for a New International Economic Order to be initiated by coalitions of primary producers. Concluding the First OPEC Summit in Algiers they called for stable and just commodity prices, an international food and agriculture program, technology transfer from North to South, and the democratization of the economic system. But industrialized countries quickly began to look for substitutes to OPEC petroleum, with the oil companies investing the majority of their research capital in the US and European countries or others, politically sure countries. The OPEC lost more and more influence on the world prices of oil.
  
  The second oil crisis occurred in the wake of the 1979 Iranian Revolution. Then, the 1982 Latin American debt crisis exploded in Mexico first, then Argentina and Brazil, which proved unable to pay back their debts, jeopardizing the existence of the international economic system.
  
  The 1990s were characterized by the prevalence of the Washington consensus on neoliberal policies, " structural adjustment " and " shock therapies " for the former Communist states.