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 developing countries organised themselves as a group – the Group of 77 (or G-77) – to demand a new international economic order (NIEO). By the NIEO, they 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 IMF and the World Bank, referred as the Bretton Woods twins, were designed to meet the financial needs of the industrial countries. They were not equipped to cope with the challenge of poverty and lack of development in the former colonies. But the G-77 was specially organised to address the issues of developing nations.