Question

What is Group -77? Why did Group -77 countries demand a New International Economic Order?
(class 10 CBSE SAMPLE PAPER 2017-18 SOCIAL SCIENCE)

Answer 1

The G-77 countries consists of a group of 77 developing countries which came into existence in late 20 century to demand a New International Economic Order(NIEO). In order to preserve economic stability and full employment in the industrial world the United Nations Monetary and Financial Conference was held in July 1944 at Bretton Woods in New Hampshire (USA). In this conference two International Institutions was set up namely the International Monetary Fund (IMF) and International Bank for Reconstruction and Development (IBRD or the World Bank). These institutions are also known as the Bretton Woods Twins.

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Answer 2

G-77 or Group of 77 refers to the seventy-seven developing countries that did not benefit from the fast growth western economies 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 raw material and


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