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Although the new international economic
order (NIEO) has mostly been assessed as a failure, its
ideas still seem relevant in today's crisis environment.
The new context clearly shows that the existing liberal
international order is ineffective and calls for deep
changes like in the times of the developing countries'
fight for the NIEO. The article considers whether its
principles remain of relevance today, which ones have
been amended and which should be newly introduced,
all based on NIEO-related lessons. Dilemmas between
international law or a rules-based order as a framework for global governance and whether the proposed
new inclusive global economic order is to be based on
values (and if so, which) are evaluated.
Keywords: new international economic order, new
inclusive global economic order, rules-based order, values, principles, international law, global governance,
lessons

Analysis of detailed statistics shows remarkable fluctuations in the volume and composition of voyages on the Northern Sea Route (NSR) along the northern coast of Russia since international use began in 2010. There has been strong growth in destination shipping between the Arctic and ports outside the region, but transit shipping between the Pacific and the Atlantic has not experienced the growth many had anticipated. Explanations are found in international market conditions as well as in the management of the NSR, with important lessons for the future development of different shipping segments. Shipping companies from several countries took part in the period up to 2019, but they seem to have become less central in the current phase of NSR shipping, which is dominated by the transport of hydrocarbons out of the Arctic. Russia expects international transit to pick up later. However, Russia alone cannot determine the volume of international traffic: it is the international shipping industry that will assess the balance of factors and conditions, and conclude if and when the shorter Arctic routes are safe, efficient, reliable, environmentally sound and economically viable in comparison with other routes.