What is Group-77? Why did Group 77 countries demand a New International Economic Order? -SST 10th

What is Group-77? Why did Group 77 countries demand a New International Economic Order? -SST 10th
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The IMF and the World Bank or the Bretton Woods twins served in the reconstruction of these nations. In the process, large corporations of powerful nations like the USA often managed to secure economic and other extra-territorial rights over weaker nations. The economic advances made by the West and Japan in the 1950s and 1960s did not benefit most of the developing countries. As a reaction to the activities of the Bretton Woods twins, they organised themselves into a group known as the Group of 77 or G-77 in order to demand a new international economic order (NIEO). The NIEO stood for a system that would give these nations real control over their natural resources, more development assistance, fairer prices for raw materials, better access for manufactured goods in their markets.
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