It is argued here that the summits should not be transformed or elevated to some system of global economic governance. Rather, global economic stability depends on good domestic economic policymaking and, thus, the economic summits cannot substitute for effective and effcient policymaking within sovereign nations. The summits, therefore, should be seen first and foremost as a means for improving and generating better domestic policies via cooperation as opposed to delivering packages of coordinated policies. By focusing on international economic policy cooperation, the summits can contribute much to improving domestic economic policymaking. The protest at the Genoa summit and the events of September 11 provide a well-timed opportunity to rethink the format of the summits, to streamline the process, and to return to the European or Rambouillet model of summitry. Perhaps this is the path the summits are on following the “secluded and intimate” 2002 summit in Kananaskis (Bayne, 2002). The world was a very uncertain place in 1975. There were oil shocks, an unsettled foreign-exchange system, and a global recession. The original summit was formed to deal with these uncertainties. The world is again an uncertain place, with financial crises, the emergence of Russia and China as political and economic forces, terrorist attacks on the United States, an economic downturn among the advanced economies, and turbulence in the world’s equity markets. The annual summits remain as a significant forum for sharing information and reducing this uncertainty.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Publisher Info
Paper provided by Marquette University, Department of Economics in its series Working Papers and Research with number
0404.
Length: 18 pages Date of creation: Apr 2004 Date of revision: Publication status: Published in Global Management, Wolfram Hoppenstedt, Ron Pruessen, and Oliver Rathkolb, eds., Munster, Germany, 2005, pages 83-96 Handle: RePEc:mrq:wpaper:0404
For technical questions regarding this item, or to correct its listing, contact: (Joseph P. Daniels).
Related research
Keywords:
Find related papers by JEL classification: F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General