G-77 can be seen as a reaction to the activities of Bretton Woods Twins. -SST 10th

G-77 can be seen as a reaction to the activities of Bretton Woods Twins. -SST 10th
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(i) The Bretton Woods Twins - the IMF and the World Bank were dominated by the former colonial powers As a result, most developing countries did not benefit from the fast growth that the western economies experienced in die 1950s and 1960s. So. they organised themselves as a croup - the group of 77 of G-77 to demand a new International economic order. (ii) Former colonial powers exploited the natural resources for developing nations through the IMF and the World Bank. (iii) The developing nations organised themselves into G-77 so as to gain real control over then natural resources. (iv) They wanted to get more development assistance and fairer prices tor raw materials. (v) They also wanted a better opportunity for their manufactured goods in the markets of developed nations.
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