A train of thoughts and writings on development, technology and the economy focusing on the socio-techno-economic-cultural surge of developing economies to regain and partake in leadership of the world. Written by George Easaw. (This is purely an academic site, no commercial use is allowed. Photography rights lie with the respective organisations). Mention credits as needed.
Saturday, September 26, 2009
P5, G7 - G20 ... Thanks to the US credit collapse ..
P5 to G7 and now G-20 .. (TOI..) The centre of gravity of world political and economic influence shifting from the West to Asia ..
Pittsburg in US is hosting a major meeting of major countries that will help the world recover from the credit crisis precipitated by irresponsible countries and their greedy polcies ..
The members of the G20 are the finance ministers and central bank governors of 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the U.K. and the U.S. In addition, the European Union is represented by the rotating council presidency and the European Central Bank
Shorn of the platitudes, the sentiment underlying the makeover is anything but charitable: it's basically rich and aging nations, which have lived beyond their means for decades and fear a decline, seeking a bailout from (demographically) young economies that are thriving in a free, competitive world.
The G7 never in their dreams thought they would come to this sad state of affairs for their countries and its peoples.
Collectively, the G-20 economies account for 85 per cent of global gross national product, 80 per cent of world trade, and two-thirds of world population.