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The role of G8 and G20 in fostering globalization Christophe
Transcript of The role of G8 and G20 in fostering globalization Christophe
The role of G8 and G20 in fostering globalization
MBA 5020- The global economic environment
Professor: Geoff Reid
University of Fredericton
July 30, 2014
What is G8?
G8 is an informal gathering of eight highly industrialized nations capable of thinking and have a way to suggest and fix common problem
The G8 holds annual meeting to foster consensus on global issues like economic growth and crisis management, global security, energy, and terrorism.
There is no charter or secretariat and the presidency, a position responsible for planning ministerial meetings and the annual summit, rotates among the member states.
Policy proposals are hammered out at ministerial meetings that precede the annual summit.
What is G20?
The G20 is an informal forum that promotes open and constructive discussion between industrial and emerging-market countries on key issues related to global economic stability
Created as a response to the financial crisis of the late 1990s by the G7/8
At ministerial level, the members of the G20 are the finance ministers and central bank governors of 19 countries
Importance of G8
G8 countries are able to push policies and agendas in formal world institutions
G8 combine economic, military, and diplomatic power and influence exercise tremendous influence over the multilateral institutions of global governance
Its small size and the relative like-mindedness of its members is also the source of its efficacy
Importance of G20
G-20 is the premier forum for international economic
G-20 account for over 90 percent of the world economy and two thirds of the world’s population.
G-20 helps to advance stability, growth, jobs and prosperity.
Accomplishment of G8
Most of the world’s major economic and security initiatives are discussed first by the G8/G7 leaders and their ministers before the other multilateral organizations take action. For example:
The creation of G20 forum
The Muskoka’s agreement on enhancing maternal, infant and child under five health initiative in developing countries will see $5 billion contributed by the G8 nations over 5 years time.
Recently, a coordinated series of sanctions on its own member “Russia” on Ukraine crisis
Accomplishment of G20
The G-20 has played a significant role in mitigating the adverse effects of the financial and economic crisis that was felt across the globe in 2008.
Fiscal sustainability: At the Toronto Summit in 2010, G-20 leaders of advanced economies, committed to fiscal plans to at least half deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016.
Trade: At all G-20 Summits, leaders have committed to resist trade protectionism and promote trade and investment.
G8 results focus on the needs of Industrial at the expense of developing countries.
G8 does not reflect the view of the vast emerging economies
G8 “does not have any reason to exist.”
The G8 reflects an outdated, western-centric view of the global distribution of power.
The freewheeling discussion characteristic of the G8 meetings seems to no longer exist.
G20 an unofficial global government promoting neoliberal economics.
There is no criterion for membership.
They neglect climate change by pushing the issue to the bottom of the agenda.
They see the G20 as playing the role of global cop and global financial ‘reform’ facilitator
Unless the excluded and non-aligned countries find another way or a platform in the future, the G8 and G20 are still the influential world gathering. However, a discussion of the differences in the G8 and G20 models, conclude that the G20 process is still the best option for meeting the challenges of complex global governance issues.
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