THE SHADOW GN*: The Ways Out of the Crisis and the Builbing of a More Cohesive World

Jean-Paul Fitoussi and Joseph Stiglitz

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Abstract: This year the G's are meeting at a critical moment in history, at least economic and social history. They will confront the gravest economic and social crisis in almost 80 years. To paraphrase Keynes, the destiny of the world is in the hands of the members of the G's. They could act in such a way that would allow us to get out of this situation, creating a future where growth is more sustainable, friendlier to the environment, and where its fruits would be distributed in a more equitable way, both within and among countries. Otherwise, they will bear an enormous responsibility before history, that of not having done the duty which has been delegated to them by their people, despite having been in exceptional circumstances that gave them much more room for manoeuvre than they would have had in 'normal' times. That is why a group of 'experts', with no commitments other that of being citizens of the world, decided to meet to reflect on what could be done, hoping that from their reflection some useful recommendations to the powerful of this world would emerge. This group, which christened itself the Shadow GN, has been constituted under the leadership of Joseph Stiglitz and Jean-Paul Fitoussi, thanks to a partnership between Luiss and Columbia University. The group has met twice, once in New York at Columbia University on 4-5 February 2009 and once in Rome on 6-7 May 2009.

Keywords: Inequality; Regulation; Market failures; Global governance; Global crisis; Financial crisis; Insufficiency of global demand; Climate change (search for similar items in EconPapers)
Date: 2009-07
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Working Paper: THE SHADOW GN*: The Ways Out of the Crisis and the Builbing of a More Cohesive World (2009)
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