Question
Explain what is referred to as the G-77 countries. In what ways can G-77 be seen as a reaction to the activities of the Bretton Woods twins?
Solution
When most developing countries did not benefit from the fast growth the Western economies experienced in the 1950s and 1960s. They then organised themselves as a group – the Group of 77 (or G-77) – to demand a new international economic order (NIEO).
By the NIEO they meant a system that would give them real control over their natural resources, more development assistance, fairer prices for raw materials, and better access for their manufactured goods in developed countries’ markets.
By the NIEO they meant a system that would give them real control over their natural resources, more development assistance, fairer prices for raw materials, and better access for their manufactured goods in developed countries’ markets.
