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Why did most of developing country organise themselves into the group of 77 during 1960

Posted by Vishal Suri 7 years, 1 month ago

CBSE > Class 10 > Social Science

1 answers

Yogita Ingle 7 years, 1 month ago

(i) The developing countries came under the guidance of IMF and World Bank which were dominated by the former colonial powers in order to uplift their economies.

(ii) Former colonial powers exploited the natural resources of developing nations through IMF and World Bank.
(iii) The developing nations organized themselves into G-77 so as to gain real control over their natural resources, to get more development assistance and fairer prices for raw materials.
(iv) They also wanted a better opportunity for their manufactured goods in the markets of developing nations.

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CBSE > Class 10 > Social Science