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All items tagged G7Open Think Tank ArticlesAugust 11, 2009 | The Myth of Western Decline and G7-OECD ObsolescenceIra Louis Straus: Despite widespread belief in a decline of the West and obsolescence of G7-G8, the actual statistics show that G7-8 remains overwhelmingly important, both as a vehicle for mutual cooperation and a guide for the world economy. A G14 or G20 could not provide an adequate substitute for it. ... MoreGlobal Must Read ArticlesOctober 24, 2008 | Nationalism Trumps Global Economic CooperationFinancial turmoil has provoked leading nations to recognize the need for economic cooperation, yet fierce nationalism has reared its head amid the calls for global unity. ++ “Economics and finance may be global, but politics is still local.” ++ Western nations seek to retain power in the world system and emerging nations do not wish to yield their sovereignty. ++ Ideally the next US president ... MoreOctober 14, 2008 | G20 the New G7G20 nations represent 85 percent of the world’s economy. ++ The forum is essential for addressing the financial meltdown. ++ Developed nations urgently need liquidity; the vast reserves of foreign capital held by emerging economies are the remedy. ++ Bush’s first appearance at the G20 highlights this very fact. ++ “It’s of all nations’ common interest to take coordinated measures to tackle the ... MoreOctober 13, 2008 | G7 Must Work With IMF to Avert Global RecessionIt will not suffice if the G7 only saves the financial systems of its own members. ++ The wealthiest nations can afford to shore up their banks, but emerging countries won’t be able to do the same on their own. ++ Steep recessions will follow in emerging regions and will in turn dampen the economies of Western Europe and the US. ++ Therefore, in its own interest the G7 should ensure that ... MoreOctober 8, 2008 | Global Crisis, Global SolutionWith the financial crisis teetering on the verge of global contagion, a coordinated, worldwide effort is needed to avert a further calamity. ++ “There is inherent tension as finance becomes global but its regulation remains national.” ++ Solutions include a global stimulus program with different countries using different tools: recapitalizing banks for psychological purposes and expanding ... MoreSeptember 16, 2008 | The BRICs Could Crumble After AllFor a long time it has been thought that world markets are decoupling, enabling the emerging economies of the BRIC group to thrive regardless of the economic slowdown in the Western world. ++ The emerging countries were predicted to quickly overtake the veterans of the G7. ++ New data, however, seem to puncture that theory. ++ BRICs do not live in an enclosed world, and the credit crunch has had ... MoreFebruary 25, 2008 | The Changing Reality of the Global EconomyThe current membership of the G-7 no longer reflects the changing reality of the global economy. ++ Leadership in the global economy has been shifting from the old industrial countries to the emerging market countries over the past decades. ++ Instead of 4 European countries, there should be one EU representative, China, India and one African country. ++ The G-7 must adapt or become irrelevant. ... More |
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