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?
The G-77, or Group of 77, is a United Nations coalition of developing nations. Formed to advance their collective economic interests, it aimed to bolster their joint negotiating power on the global stage. The G-77 emerged as a direct reaction to the "Bretton Woods twins" – the IMF and World Bank. These institutions, controlled by industrial powers, were perceived to primarily serve their creators' interests. Newly independent developing nations felt the Bretton Woods system failed to adequately address their problems of poverty and lack of industrial development, as they didn't share in Western economic booms. Consequently, the G-77 advocated for a New International Economic Order (NIEO), demanding control over resources, fairer raw material prices, and better market access in developed countries, challenging established economic dominance.