Monday 17 November 2008

Summit Shows Times Have Changed

BBC: The G20 summit in Washington was a striking event first of all for who was there.

Global economic meetings used to mean the G7 and then the G8.

It was a rich-country affair with Russia invited in during in the 1990s - but that was to tackle international political issues, not for the sake of a contribution to the economic discussions.

How times have changed. A global economic problem needed a presence from developing country leaders.

The G20 was already up and running as a forum for finance ministers with the big developing economies as members - China, India, Russia, Brazil, Saudi Arabia and others.

And so they came to Washington, as countries hit by the developed world's financial crisis and, in some cases, as countries that might be able to help fix it.

Co-ordinated response

The communique issued after the summit is not on its own going to change the world.

The political machinery of the global economy is not going to be turned upside down, although those big developing countries at the summit are beginning to get a tentative grip on the levers. >>> By Andrew Walker, BBC News, Washington | November 16, 2008

The Dawning of a New Dark Age (Paperback – USA)
The Dawning of a New Dark Age (Hardcover – USA)