The G-77 refers to the Group of 77, an organisation of developing countries that came together to demand a New International Economic Order (NIEO). By 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 G-77 can be seen as a reaction to the Bretton Woods twins (the IMF and the World Bank) in several ways. First, these institutions were designed to meet the financial needs of industrial countries and were not equipped to cope with poverty and lack of development in former colonies.

Second, decision-making in these institutions was controlled by Western industrial powers, with the US having an effective right of veto over key decisions. This meant developing countries had little voice in shaping policies that affected them.

Third, most developing countries did not benefit from the fast growth that Western economies experienced in the 1950s and 1960s. Large corporations from powerful countries often secured rights to exploit developing countries' natural resources very cheaply.

Finally, even after decolonisation, former colonial powers still controlled vital resources such as minerals and land in many former colonies. Thus, the G-77 emerged as a collective demand to reform an unequal international economic system dominated by Western powers.