[[1]] the IMF and the World Bank—were both dominated by the former colonial government.

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The Bretton Woods twins—the IMF and the World Bank—were both dominated by the former colonial government. Many developing countries did not benefit from the developing countries rapid growth, so they formed the G-77 group. The G-77 is a loose coalition of developing nations. It is designed to promote the collective economic interests of the members of the G-77 and create an enhanced joint negotiating capacity for the UN. It was established on June 15, 1964. There were 77 founding member countries in the beginning, but the organisation has expanded since then, so now it has expanded to 130 member countries. The founding member countries wanted a new international economic order (NIEO) system for accurate control of their natural resources, excluding the part where they became the victims of neo-colonialism, a new form of colonialism in a trade that was used by former colonial powers.

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