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?

Answer 1

Hint:
G-77 is an abbreviation of Group of 77 countries.
It is named after the number of founding members.
It was formed on 15th June 1964 at Geneva, Switzerland.

Complete answer:
The G-77 group was formed at the United Nations Conference on Trade and Development (UNCTAD). It was formed by the International Monetary Fund and the World Bank which are also known as Bretton Woods Twins to meet the financial needs, problems such as poverty, lack of resources etc. of industrial countries because they could not grow as fast as developed countries and this was the reaction to the activities of Bretton woods twins. According to 2019, there are 134 member states in the group.

The group of developing countries demanded a New International Economic Order (NIEO) to possess control over the natural resources which were exploited by developed countries.

They urged for more assistance for development and reasonable prices of raw materials.

They demanded for better opportunities to be given for their products in markets of developed countries. The developing countries also emphasized on the equal distribution of wealth between developed and developing nations as they did not get any benefit from the fast growing economy of western countries.

Note
In the group of 77 nations, China has contributed to this group financially since 1994 but it does not consider itself as a member.
According to the recent report 2020, Bosnia and Herzegovina are no longer members of the group.
The Bretton Woods twins were formed in the year 1944.