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Why was "Oliver!" (1968) rated G?

I'm surprised that Oliver! (1968) was rated G. It doesn't look like a G rated movie. It contains some strong violence and quite a bit of Drinking. It looks more like a PG film. So why was it rated G? What was the MPAA's justification when they rated this Movie G? This movie would never be rated G by today's standards.

Luka Keats
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