NCERT Solutions for Class 10 Social Science History Chapter 3
Social Science Class 10 History
The Making of a Global World 3
Important NCERT Questions Based on new NCERT Books for Session 2022-2023
Questions No: 9
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?
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G-77 countries is an abbreviation for the group of 77 countries that demanded a new international economic order (NIEO); a system that would give them real control over their natural resources, without being victims of neo-colonialism, that is, a new form of colonialism in trade practised by the former colonial powers.
The G-77 can be seen as a reaction to the activities of the Bretton Woods twins (the International Monetary Fund and the World Bank) because these two institutions were designed to meet the financial needs of industrial and developed countries, and did nothing for the economic growth of former colonies and developing nations.
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The Group of 77 (G-77) comprises developing nations that joined forces in 1964 within the United Nations. Initially including 77 countries (now expanded), it aimed to represent their economic interests. Formed partly in response to the dominance of the Bretton Woods institutions—the IMF and World Bank—seen as favoring wealthy nations, the G-77 sought fairer global economic policies. It advocated for equitable trade terms, increased representation in international economic discussions, more development aid, and reforms benefiting the developing world. Essentially, the G-77 served as a collective voice for developing nations, aiming to rectify the imbalance in global economic decision-making and foster policies that better supported their growth and needs on the world stage.