New International Economic Order was a step in direction of bringing economic development to the third world countries. Consider the following statements in the context of NAM and choose incorrect statements:

1. The New International Economic Order (NIEO) was a set of proposals put forward during the 1970s by some developing countries through the United Nations Conference on Trade and Development.

2. It was meant to be a revision of the international economic system in favour of Third World countries, replacing the Bretton Woods system.

3. NIEO initiative faded in late 1980s in wake of stiff opposition by developed countries and non-aligned countries struggled to maintain their unity.