The West Must Treat Developing Countries as Partners
James D. Wolfensohn, frm. pres. of World Bank | November 14, 2008
The financial relevance of the G7 has diminished, from 65% of production in 2002 to 52% now, and will continue to fall. ++ In 2009 all growth will happen in developing nations. ++ The support of China, India, and Brazil is needed to resolve this crisis, and the G20 is the space for solutions. ++ The West is failing on global trade, climate change, and development aid. ++ Progress on the immediate crisis should lead to work on other problems. ++ Western leaders must not patronize those from Asia, Africa, Latin America, and the Middle East.
