The G-8, which excludes the key emerging-market countries, has lost its significance for good
On Nov. 15, history was made. For the first time the G-20, the world’s 20 leading economies, came together in Washington, D.C., to find an answer to the global financial and economic crisis. While the gathering resulted in nothing more than declarations of intent, it still marks a turning point.
Faced with the gravest financial and economic crisis worldwide since the 1930’s, the Western industrial nations (including Russia) that have previously dominated the world economy are no longer capable of an effective response. Hopes for mitigating or, indeed, overcoming the crisis rest exclusively with the emerging economic powers, first and foremost China.