Unit 1 Ch 3 : The Making of a Global World — Social Studies STD 10 — Question
CBSE BoardEnglish MediumSTD 10Social StudiesUnit 1 Ch 3 : The Making of a Global World5 Marks
Question
Why was G-77 formed by the developing countries?
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Answer
Most developing countries did not getbenefit from the fast growth the Western economies experienced in the 1950s and 1960s. Therefore, they organised themselves as a group popularly known as the Group of 77 or G-77 and demanded a New International Economic Order (NIEO).The NIEO was for them a system that would give them:
Actual control over their natural resources.
More development assistance.
Fairer prices for raw materials.
Better access for their manufactured goods in developed countries' markets.
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