GLOSSARY/2811962, which has been constantly renewed ever since. Switzerland
became an associate member in 19 76 and is now a full member.
G24
The G24 was created in 1972 by the G77 whose members were
worried at the growing influence of the G10. At first, its main
function was to prepare the developing countries' positions for the
Committee of 20. Since the establishment of the Interim Committee
and the Development Committee, its field of interest has broadened
to include development issues. It is the mouthpiece for the developing
countries, as the G10 is for the OECD countries.
G77
The G 7 7 arose from the group of developing countries which met to
prepare the first UN conference on trade and development (UNCTAD)
in Geneva in 1964. The group provides a forum for the developing
countries to discuss international economic and monetary issues.
GLOBALISATION (TAKEN FROM CHESNAIS, 1997a)
The term 'globalisation' was coined in American business schools. It
refers to the relevant parameters of strategic action of very large
industrial or financial groups. The strategy of such large groups
consists of adopting a 'global' approach and 'global' policies bearing
on Solvent Demand Markets, on the group's sources of funding and
on the strategies of its main oligopolistic rivals. This strategy is all of
a piece with the operations of financial investors and the composition
of their portfolios. It is because of the connotations the term 'global'
has for large industrial groups or large financial investors that the
expression 'globalisation of capital' rather than 'globalisation of the
economy' has always seemed to me the more appropriate. In a public
debate, the president of one of the biggest European groups explained
that 'globalisation' represented 'freedom for his group to set itself up
wherever it wanted, for as long as it wanted, to produce whatever it
wanted, buying and selling with the least possible number of restric
tions as far as labour laws and social conventions were concerned'.
Until recently, it seemed possible to analyse globalisation as the latest
stage in the process of internationalisation of capital, as exemplified