The group of G77 was set up on 15 June 1964 by 77 developing countries under the joint declaration of the 77 countries issued at the first session of the United Nations Conference on Trade and Development in Geneva. Although the membership of the G77 has now been increased to 133 countries, the original name has been retained due to the historical significance. It is the largest organization of the third world countries.
Most of the developing countries did not benefit from the economic growth of Western countries. To come at par with the development in the advanced industrial countries, the developing Nations organized a group called G77 to demand a New international economic order or NIEO. Their main objective was that they must have direct control over the use of their natural resources, for their economic development, a fair and just price for the raw materials and better access to market through improved infrastructure for their manufactured goods in the final developed market. They also wanted an equitable distribution of wealth between the developed and the developing nations. To meet this demand the IMF and World Bank which are also called the Bretton wood twins were set up to meet the financial needs of these countries. These factors led to the development of g-77
The modern industrialization could not marginalize the traditional industry in England because:
1. The changes in technology occurred slowly. The new technology was very costly, and the industrialist was cautious about using them. These machines often broke down, and the repair was also expensive. It was not as effective as their inventors had claimed.
2. Many products could be produced only with manual labour on the other hand machines could produce only uniform and standardized goods for a mass market. But the demand for the goods which were made with manual labour was very high. It had specific Shapes and designs. Example, 500 varieties of the hammer and 15 varieties of axes, were manufactured in Britain. This did not require mechanical technology but human skill.
3. The new industry could not display the traditional Industries. At the end of the 19th century, only 20 per cent of the total workforce was employed in the advanced Industries.
4. Poor farmers and migrants moved to cities in large number in search of jobs. The supply of worker was more than the demand. Therefore, they had to work at a very low wage.
5. In the non-mechanised areas such as pottery, building, food processing etc., ordinary and small inventions were the basis of their grants.
In the 17th century, the family was the centre of production. It was considered as a single unit of production and consumption in Britain. The political decisions were taken unitedly. But the function of the family changes completely after the industrialization and urbanization in Britain. It had the following impact on the family:
1. The relation between the members of the family loosened and the Institution of marriage broke down among the working class.
2. The increase in tailoring, washing, matchbox making forced the children to be employed in a low paid work.
3. Many women lost their job and had to work within the domestic household. Many of them began working as maids in the rich household. On the other hand, the women of the upper and middle class faced even a higher level of isolation.
4. It was no longer important for the working class to maintain relationships with their relatives. They migrated and spent more time in their workplaces so that they could earn more.
5. Nepotism became very common in the industry promotion was given only on personal terms and not on merits
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