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?

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.