Why did most developing countries organize themselves into the Group of 77 during the 1960s?(All India-2018 (Compartment))
Answers
Most of the developing countries did not get any benefit from the fast growth the western powers experienced during the 1960s.
The colonial powers had exploited the natural resources of the developing nations for their own benefit. Even the world bank and International Monetary Fund were under the influence of the colonial powers.
The developing nations wanted to get assistance for their development and to have control over their national resources. They also wanted to find better markets for their finished goods.
Hence, these developing countries organized themselves into the Group of 77
during the 1960s to demand a New International Economic Order (NIEO).
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Answer:
The developing countries did not benefit from the fast growth the western economies experienced in the 1950s and 1960s under the guidance of World Bank and IMF.