Bretten Woods Twins
Bretten Woods Twins
The post-war international economic system was to preserve stability and full employment in the industrial world. Bretten Woods twins was formed in New Hampshire, USA in July 1944 namely
United Nations was formed to ensure peace, stability and mutual cooperation among all the countries in October, 1945.
Gradually African and Asian countries like India, Myanmar, Nepal started decolonizing themselves and established democracy mostly between 1950 to 1980.
The Bretten Woods institutions began to shift their attention more towards developing countries. But the former colonial powers still dominated vital resources such as minerals and land in their former colonies.
Large corporations of the powerful countries often managed to secure the rights to exploit the developing countries’ natural resouces very cheaply.
The developing countries suffered loss and the development of Western Economies. They organized themselves as a group- the Group 77 (G-77) and demanded a new International Economic order(NIEO). NIEO meant a system that would give them real control over their natural resources, more development assistance, fairer prices for raw materials and better access for their manufactured goods in developed countries’ markets.
The post-war international economic system was to preserve stability and full employment in the industrial world. Bretten Woods twins was formed in New Hampshire, USA in July 1944 namely
- International monetary fund(IMF) &
- The World Bank
United Nations was formed to ensure peace, stability and mutual cooperation among all the countries in October, 1945.
Gradually African and Asian countries like India, Myanmar, Nepal started decolonizing themselves and established democracy mostly between 1950 to 1980.
The Bretten Woods institutions began to shift their attention more towards developing countries. But the former colonial powers still dominated vital resources such as minerals and land in their former colonies.
Large corporations of the powerful countries often managed to secure the rights to exploit the developing countries’ natural resouces very cheaply.
The developing countries suffered loss and the development of Western Economies. They organized themselves as a group- the Group 77 (G-77) and demanded a new International Economic order(NIEO). NIEO meant a system that would give them real control over their natural resources, more development assistance, fairer prices for raw materials and better access for their manufactured goods in developed countries’ markets.
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