Decolonisation and Independence


 
 
Concept Explanation
 

Decolonisation and Independence

Decolonisation and Independence: When the Second World War ended, many countries were still under European colonial rule. Over the next two decades, most colonies in Asia and Africa became free and emerged as independent nations. But independence did not bring freedom from poverty or a lack of resources to these countries. Their economies and Societies were handicapped by long periods of colonial rule.

The IMF and the World Bank were designed to meet the financial needs of the industrial countries. They were not able to cope up with the challenge of poverty and lack of development Japan rapidly rebuilt their economies, they grew less dependent on the IMF and the World Bank.

Thus, from the late 1950s, the Bretton Woods Institutions began to shift their attention more towards developing countries.

Condition of Developing Nations: Newly independent countries were trying to lift their population out of poverty. But after many years of decolonisation, they are still controlled by the international agencies which are dominated by the farmer colonial powers.

These colonial powers still control the natural resources and lands of their former colonics. Large corporations of powerful countries like the US, often managed to secure rights to exploit developing countries' natural resources very cheaply

New International Economic Order (NIEO): Most developing countries did not benefit from fast growth like the Western economies in the 1950s and 1960s. Thus, they organised themselves as a group-the Group of 77 (or G-77) countries to demand a New International Economic Order (NIEO).

By the NIEO, they meant a system that would give them real control over their natural resources,development ass istance, fairer prices for raw materials and better access for their manufactured goods in developed countries' markets.

Multinational Corporations (MNCS): Multinational Corporations (MNC) are large comparies that operate in several countries at the same time. The first MNCS were established in the 1920s, The worldwide spread of MNCS was a notable feature of the 1950s and 1960s as US busineas expanded worldwide.

 
 


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