A prosperous global economy doesn’t just happen. It needs leadership and rules.
During the late days of the Cold War, the Group of Seven leading industrialized nations assumed that leading role and provided guidance to ensure that it worked. The rise of “the rest” rendered that cabal ill-suited to that assignment. The redistribution of wealth demanded a reapportioning of power and the shock of the 2008 and 2009 Global Financial Shock drove home the need for an expanded and more inclusive guiding institution.
The Group of 20 emerged from those dark days and for a while it appeared to have a future as the directing force of the global economy. That promise withered as the crisis abated. During the next global shock, the COVID-19 pandemic, self-help took precedence over cooperation. The group has struggled ever since to reassert its worth as it sought to forge consensus in the face of growing economic challenges.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.