G8 losing relevance in new global reality by David Crane
We live in a global economy, yet we have no effective system to manage a global economy. That’s one reason the world is in such a mess today. If you want evidence of this look at the current state of the world’s economy — soaring oil prices, a food crisis, the risks of stagflation and protectionism, climate change, growing competition for natural resources and great inequality. The G8 leaders from the United States, Japan, Germany, France, Britain, Russia, Italy and Canada like to think they are the ones who can take charge of the big global challenges. But as their recent annual summit in Japan showed, this is a pipe dream.
So a top priority has to be a new consensus on how we manage the global system in the years ahead without conflict, environmental disaster or a world of competing protectionist blocs, and how leaders of the major nations can help provide effective ways of dealing with challenges in a way that supports the work of the UN and the various multilateral institutions.
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