Question

Explain what is referred to G-77 countries? In what way can G-77 be seen as a reaction to the activities of the Bretton Wood Twins ?​

Answer 1

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After the Second World War, many parts of the world were still under European colonial rule and It took over two decades for the colonies in Asia and Africa to become free independent nations.

They faced many other problem such as poverty, lack of resources, etc.

The IMF and the World Bank, often referred to as the Bretton Woods twins, were designed to meet the financial needs of the industrial countries.

As most developing countries were not much benefited, they formed a group called the Group of 77. (or G-77) in order to catch up the development in advanced industrial countries

They 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 practiced by the former colonial powers.

They demanded:

(i) A new international economic order (NIEO) with actual control over their natural resources.

(ii) More development assistance.

(iii) Fairer prices for raw materials.

(iv) Better access for their manufactured goods in developed countries' market.

Answer 2

Answer:

After the Second World War, many parts of the world were still under European colonial rule and It took over two decades for the colonies in Asia and Africa to become free independent nations. When they became free, they faced many other problems such as poverty, lack of resources, etc. Economies and societies were handicapped for being under colonial rule for long periods.

As colonies, many of the less developed regions of the world had been part of Western empires. The policy of the Bretton Woods twins tilted more in favour of the developed nations of the Western world. Now, ironically, as newly independent countries facing urgent pressures to lift their populations out of poverty, they came under the guidance of international agencies dominated by the former colonial powers.

Therefore these colonies organised themselves as a group – the Group of 77 (or G-77) – to demand a new international economic order (NIEO). By the NIEO they meant a system that would give them real control over their natural resources, more development assistance, fairer prices for raw materials, and better access for their manufactured goods in developed countries’ markets.