The paper analyzes Che Guevara's speech made on February 24, 1965, at the Second economic seminar of the Afro-Asian People's Solidarity Organisation. This speech received only a fragmentary and often biased interpretation on the pages of well-known biographies, considered as classic. We study the preceding context - Guevara's African trip before the Congo campaign. The article investigates the events which occurred during the trip and could have influenced the content of the speech in Algeria. The paper studies several problems of the socialist world: we show that in the Algerian speech Guevara's main criticism addressed to the countries of the socialist block was their reliance on capitalist incentives in trade with underdeveloped countries. This was consistent with the overall Guevara's position on the issues of political economy, which he defended during the economic debate in Cuba. The article discovers that comandante did not directly accuse the USSR of being an accomplice of imperialism. In contrast, Guevara evaluated positively the two key points (military assistance and trade) of the USSR policy towards Cuba, describing it as an example of solidarity towards an underdeveloped country. In the speech, the Latin-American revolutionary also articulated several theoretical ideas on the issues of neocolonialism. Moreover, using the example of Latin American countries, he introduced a term “South Americanization”, describing negative trends of becoming dependent on capitalist monopolies and degradation of national bourgeoisie. Guevara's reflections made in the speech may be viewed as a precursor of the principles of the new international economic order stipulated in the UN Declaration issued on May 1, 1974.