Chapter : 1. The Making of a Global World
Decolonisation and Independence
Decolonisation and Independence :
(i) Over the next two decades of the Second World War, most colonies in Asia and Africa emerged as free, independent nations, overburdened by poverty and a lack of resources, and their economies and societies were handicapped by long periods of colonial rule. From the late 1950s the Bretton Woods institutions began to shift their attention more towards developing countries. As newly independent countries came under the guidance of international agencies dominated by the former colonial powers, the former colonial powers controlled vital resources such as minerals and land in many of their former colonies. Large corporations of other powerful countries often managed to secure rights to exploit developing countries' natural resource very cheaply.
(ii) Most developing countries did not benefit from the fast growth the Western economies experienced in the 1950s and 1960s. Therefore they organised themselves as a group - the Group of 77 (or G-77) to demand 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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