The G-20 and the World Economy
C. Fred Bergsten
World Economics, 2004, vol. 5, issue 3, 27-36
â€˜Globalisationâ€™ is under attack throughout the world. However, no country has ever developed successfully without participating actively in the global economy. Countries and even whole regions that have failed to globalise, or which have â€˜de-globalisedâ€™, have lagged. What is needed is more openness and better handling of the major issues of macroeconomic stability and growth. C. Fred Bergsten argues that the G-7, whose increasingly unrepresentative membership is eroding the political legitimacy that is essential to win international support and thus acceptance for many of its proposals, is increasingly unable to manage the world economy effectively. Instead, it is the wider and more representative G-20 that can best make a major contribution to global macroeconomic stability and growth, and it should gradually but steadily succeed the G-7 as the informal steering committee for the world economy.
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