what is meant by bretton Woods twins how can g77 be seen as a reaction to activities of bretton woods twins
Answers
Answer:
The Bretton Woods system was the first system used to control the value of money between different countries. It meant that each country had to have a monetary policy that kept the exchange rate of its currency within a fixed value—plus or minus one percent—in terms of gold.
The G-77 is a reaction to the activities of the Bretton Woods twins (the International Monetary Fund and the World Bank) because these two institutions were work for achieving financial needs of industrial and developed countries and had done nothing for the economic growth of former colonies and developing nations.
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.