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Bretton Woods Institutions

As the Second world War ended most of the colonies in Africa and Asia emerged as free independent nations. The IMF and the World Bank met the financial needs of these developing nations. Even after these colonies regained independence it was found that the former colonial powers controlled many of their vital recourses and land.

The super powers exploited the developing nations which resulted in the fast growth of the western economy. Soon the developing nations organized themselves into a group called G-77 and demanded a new international economic order.

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