G-77 was a reaction to[[1]].

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Detailed Solution

G-77 was a reaction to the Bretton Woods twins.
G-77 was a collection of developing nations. They sought a system that would give them actual control over their natural resources, more fair raw material prices, and easier access to the developed countries' markets for their manufactured goods. Instead, the wealthy nations have constructed the Bretton Woods twins. These institutions have little to do with developing the economies of the former colonial powers and emerging countries; they were established to suit the financial needs of the industrialised countries. The sole purpose of G-77 is to serve the interests of developing countries. So, G-77 can be seen as a reaction to the activities of the Bretton Woods twins.

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