what do you understand by G77 countries ? in what was can G77 be seen reaction to the activities of the bretton wood twins? describe it....
Answers
The Group of 77 (G-77) was established on 15 June 1964 by 77 developing countries at the end of the first session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva.
There were 77 members in the beginning, but by November 2013 the organization swelled to 134 member countries including China.The original name was retained due to its historic importance.
The primary aim was to have a system that would give them control over their natural resources, more development assistance, fair prices for raw material and better access for their manufactured goods in the developed countries’ market.
The IMF and World Bank, referred to as the Bretton Woods twins, were designed to meet the financial needs of industrial countries. These were not ready to face the challenge of poverty and lack of development in the former colonies.
Similarly the developing countries too needed the help of agencies like IMF and World Bank. So they too reacted to the need of the colonies which resulted in the formation of the G-77.
However after 1950 the situation began to change as Europe and Japan rebuilt their economies fast. So Bretton Woods institutions turned their attention to developing countries
Hope this help you.please express all this views.
