FORA Economy

Season 2010 Episode 0328

The G20 and the Future of Global Economic Governance

out of 10
User Rating
0 votes

By Users

Write A Review

Episode Summary

The G20 and the Future of Global Economic Governance
Global economic integration and the ambitious domestic reforms of past decades have led to a shifting balance of power in global economic activity and governance, with several large developing economies gaining significant ground and influence. This trend has been greatly accelerated and reinforced as a consequence of the Great Recession of 2008-2009. Several of the emerging economic giants--most notably China and India--were able to fend off tremendous external economic shocks at a time when Europe and the United States were being hit hard. In this context, the G20 emerged to eclipse the G7/G8 to become "the steering committee of the world economy"--one of the most unforeseen and significant consequences of the economic crisis.While many observers agree in principle that the official elevation of the G20 at the Pittsburgh Summit in September 2009 recognizes important realities in an increasingly multi-polar and interdependent world, the group-s raison d'etre has nevertheless been challenged on several grounds. First and foremost, the G20 has been criticized for a lack of legitimacy. Without an international agreement, it is unclear who decides on the composition G20 membership, structure and scope, and its membership rotation mechanism. Others argue that the G20 membership is too large and diverse to effectively address pressing global challenges. Nor has the replacement of the G7/8 by the G20 been matched by complementary reforms in the established international economic institutions, such as the International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO)--and without such changes, critics argue that the elevation of the G20 is not in itself an adequate reflection of the need to embrace changing global economic realities.moreless

Episode Discussion

Join the discussion of this episode Episode Discussion

Trivia, Notes, Quotes and Allusions

See All Trivia, Notes, Quotes and Allusions Trivia & Quotes
  • Senator Chuck Hagel in Conversation

    S 2008 : Ep 0328

    Aired 3/28/08 (49:00)

  • Afghanistan: Present Situation Challenges Ahead

    S 2008 : Ep 124

    Aired 1/24/08 (1:00:00)

  • Joseph Stiglitz: The Economics of Information

    S 2008 : Ep 0205

    Aired 2/5/08 (1:36:54)

  • Up Close and Personal: Share your Life

    S 2007 : Ep 926

    Aired 9/26/07 (50:00)

Season 2010 Episodes

See All
Ep 1230
David Orrell: The Scien...
Ep 1229
Uncommon Knowledge: Gar...
Ep 1228
Eric Kaufmann: Shall th...
Ep 1214
How Would Adam Smith Fi...
Ep 1214
Sustainability: The Pro...
Ep 1213
Economy Panel: From Rec...
Ep 1213
Economy Keynotes: From ...
Ep 1213
Governance Panel: Leadi...
Ep 1209
Social Entrepreneur Ser...
Ep 1209
Trend Design Forecastin...
Ep 1208
Scott Lang: How to Buil...
Ep 1208
Vinod Khosla: Smart Gri...
Ep 1208
The Sultans of Storage
Ep 1208
Smart Grid Investing: B...
Ep 1207
Europe and Asia: Opport...
Ep 1202
Monitor Breakfast: Rep....
Ep 1130
Rebuilding After Disaster
Ep 1130
Arthur Brooks: Free Ent...
Ep 1130
Capitalism 2.0 (7SS4.3)
Ep 1124
Anand Giridharadas: Dev...
Ep 1124
Andy Dunn: The End of A...
Ep 1124
The Elevator Pitch: Foo...
Ep 1124
China: The Greatest Opp...
Ep 1124
Jim McDowell: The Anti-...
Ep 1124
Luke Williams: Disrupti...
Ep 1124
The Builders