1. Global Economic Governance at a Crossroads: Replacing the G-7 with the G-20
- Author:
- Johannes F. Linn and Colin I. Jr. Bradford
- Publication Date:
- 04-2004
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Finance ministers representing the Group of 7 (G-7) industrialized countries met in Boca Raton, Florida, in early February amid concerns about the weakening of the U.S. dollar. One factor in the dollar's decline is the U.S. trade deficit, which is partly due to the undervalued Chinese yuan. The involvement of China, which is not a G-7 member, illustrates both the glaring gap in global governance and the increasing economic and policy interdependence between industrial countries and major emerging market economies (EMEs). As one observer, referring to the Boca Raton meeting, put it, "China is the 800-pound gorilla and it isn't even part of the negotiations."
- Topic:
- International Relations, Foreign Policy, Government, and Political Economy
- Political Geography:
- United States and China