what is group 77 why did group 77 countries demand a national new international economic order explain in English question history belong class 10th in which chapter of history class 10th belong
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G 77 refers to organized group of most of the devoleping contries that didnot benefit from the fast growth of western economies experienced in the 1950's and 1960's. They wanted a New International Economic Order, by NIEO they mean a system that would give them real control over their natural resources,more devolepment assistance ,fairer prices for raw materials and better access for their manufactured goods in devoleped country's market.
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(i) Most of the developing countries did not benefit from the fast economic growth of western countries.
(ii) In order to catch up with the development in advanced industrial countries, the developing nations organised themselves as a group - the Group of 77 or G-77 - to demand a New International Economic Order (NIEO).
(iii) By this they aimed 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.
(iv) They also stressed on equitable distribution of wealth between developed and developing nations.
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 equipped to face the challenge of poverty and lack of development in the former colonies.
(v) On the other hand, the developing countries too needed the help of agencies like IMF and World Bank. So they too reacted to the need of the colonies. They formed the G-77.
However after 1950the situation began to change. Europe and Japan rebuilt their economies fast. So Bretton Woods institutions turned their attention to developing countries.
(ii) In order to catch up with the development in advanced industrial countries, the developing nations organised themselves as a group - the Group of 77 or G-77 - to demand a New International Economic Order (NIEO).
(iii) By this they aimed 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.
(iv) They also stressed on equitable distribution of wealth between developed and developing nations.
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 equipped to face the challenge of poverty and lack of development in the former colonies.
(v) On the other hand, the developing countries too needed the help of agencies like IMF and World Bank. So they too reacted to the need of the colonies. They formed the G-77.
However after 1950the situation began to change. Europe and Japan rebuilt their economies fast. So Bretton Woods institutions turned their attention to developing countries.
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