explain what is referred to as the g77 countries. in what ways can g77 be seen as a reaction to the activities of the bretton woods twins question mark
Answers
Answer:
Explanation:
G-77 or Group of 77 refers to the seventy seven developing countries that did not benefit from the fast growth western economics experienced in 1950s and 1960s. So they organized themselves into G-77 . They demanded :-
(i) A new international economic order that would give them real control over their natural resources.
(ii) More development assistance
(iii) Fairer prices for row material.
(iv) Better access for their manufactured goods in developed countries markets.
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.