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The G-20 and the World Economy

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  • C Fred Bergsten

Abstract

‘Globalisation’ 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 ‘de-globalised’, 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.

Suggested Citation

  • C Fred Bergsten, 2004. "The G-20 and the World Economy," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 5(3), pages 27-36, July.
    • Handle: RePEc:wej:wldecn:178
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    Cited by:

    1. Agnès Bénassy-Quéré & Pascale Duran-Vigneron & Amina Lahrèche-Révil & Valérie Mignon, 2004. "Burden sharing and exchange rate misalignments within the Group of Twenty," Post-Print hal-03550853, HAL.
    2. Bénassy-Quéré, Agnès & Lahrèche-Révil, Amina & Mignon, Valérie, 2011. "World-consistent equilibrium exchange rates," Journal of the Japanese and International Economies, Elsevier, vol. 25(2), pages 12-32, June.
    3. Zehra Vildan SERİN, 2014. "Global Governance and Turkey’s Position in the Post-Global Crisis Period," Journal of Social and Development Sciences, AMH International, vol. 5(1), pages 7-13.
    4. Ligia Prodan & Carmen Judith Grigorescu & Raluca Georgiana Moscu, 2014. "The Economical Situation of Romania During Crisis, European Integration and Globalization," Knowledge Horizons - Economics, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 6(1), pages 97-104, March.
    5. Looney Robert E, 2005. "Why Has the Middle East Been so Slow to Globalize?," Review of Middle East Economics and Finance, De Gruyter, vol. 3(3), pages 2-31, December.
    6. Uri Dadush, 2015. "Is Manufacturing Still a Key to Growth ?," Research papers & Policy papers 1507, Policy Center for the New South.
    7. Agnès Bénassy‐Quéré & Amina Lahrèche‐Révil & Valérie Mignon, 2008. "Is Asia Responsible For Exchange Rate Misalignments Within The G20?," Pacific Economic Review, Wiley Blackwell, vol. 13(1), pages 46-61, February.

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