Question

What was NIEO? Why did G-77 demand it? (ANSWER IT CORRECTLY)

Answer 1

Answer:

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

Explanation:

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Answer 2

Answer:

NIEO is the New International Economic Order which was demanded by the G-77 that is group of 77 developing countries.

It was demanded for the following reasons :

• Most of the developing countries could not benefit from fast economic growth that western developed countries experienced in 1950s and 1960s.

• Many of the less developed countries of the world were the colonies of western countries. Ad newly independent countries, they had to develop economically, end poverty and start recover their economy.

• In 1950s, Bretton Woods Institutions began to shift their attention to developing countries but they were dominated by former colonial powers.

• Even after many years of colonisation the colonial powers controlled vital resources in their former colonies.