Explain what is referred to as the G77 countries? in what ways can g77 be seen as the reaction of the activities of the britain wood twins.
Answers
The Bretton Woods Twins-IMF and World Bank were dominated by former colonial powers. As a result, most developing countries did not benefit from the rapid growth that Western economies had experienced in the 1950s and 1960s. Therefore, they organized themselves as a group of 77 of the G77 for seeking new international economic order.
The former colonial powers exploited natural resources for developing countries through IMF and World Bank.
Developing countries organize themselves in G-77 to gain actual control over their natural resources.
They wanted to get more development assistance and reasonable prices for raw materials.
They also wanted a better opportunity for their manufactured goods in the markets of developed countries.
Answer:
G-77 countries is an abbreviation for the group of 77 countries that demanded a New International Economic Order (NIEO); a system that would give them real control over their natural resources, without being victims of neo-colonialism, that is, a new form of colonialism in trade practised by the former colonial powers. The Group of 77 (G77) at the United Nations is a coalition of 134 developing nations, designed to promote its members' collective economic interests and create an enhanced joint negotiating capacity in the United Nations.
The G-77 can be seen as a reaction to the activities of the Bretton Woods twins (the International Monetary Fund and the World Bank) because these two institutions were designed to meet the financial needs of industrial and developed countries, and did nothing for the economic growth of former colonies and developing nations.