It Is a G‐Zero,Not a G‐20, World

The G‐20 supplanted the G‐8 as the executive committee of globalization as the emerging and advanced economies came together in the wake of the Wall Street crash to stave off depression. Now, each country is going its own way. In this section we examine whether the G‐20 can be saved, and what the countries within it must do to bring the global economy into balance.     

Toward a Global Convergence of Interests

The G‐20 supplanted the G‐8 as the executive committee of globalization as the emerging and advanced economies came together in the wake of the Wall Street crash to stave off depression. Now, each country is going its own way. In this section we examine whether the G‐20 can be saved, and what the countries within it must do to bring the global economy into balance.     

The Middle Income Transition in China and America's Need for Structural Change

The G‐20 supplanted the G‐8 as the executive committee of globalization as the emerging and advanced economies came together in the wake of the Wall Street crash to stave off depression. Now, each country is going its own way. In this section we examine whether the G‐20 can be saved, and what the countries within it must do to bring the global economy into balance.     

How to Get America Back on Track

The G‐20 supplanted the G‐8 as the executive committee of globalization as the emerging and advanced economies came together in the wake of the Wall Street crash to stave off depression. Now, each country is going its own way. In this section we examine whether the G‐20 can be saved, and what the countries within it must do to bring the global economy into balance.     

Mini‐lateralism Will Get Us Nowhere

The further we get from the crisis moment of the global financial meltdown in 2008–2009, the weaker the momentum to establish an effective system of global governance. Gordon Brown, the former prime minister of Great Britain who hosted the most successful G‐20 conclave in London at the apex of the crisis, laments the complacency that has taken over. With the scandalous departure of Dominique Strauss‐Kahn as head of the International Monetary Fund, a global debate has opened up over whether the emerging economies should have a greater voice in that institution. Nobel laureate Michael Spence comments.     

The Process Is the Message: The IMF Leadership and Global Governance

The further we get from the crisis moment of the global financial meltdown in 2008–2009, the weaker the momentum to establish an effective system of global governance. Gordon Brown, the former prime minister of Great Britain who hosted the most successful G‐20 conclave in London at the apex of the crisis, laments the complacency that has taken over. With the scandalous departure of Dominique Strauss‐Kahn as head of the International Monetary Fund, a global debate has opened up over whether the emerging economies should have a greater voice in that institution. Nobel laureate Michael Spence comments.     

The Great Convergence and the Logic of One World

A great historical transition is underway from American‐led Globalization 1.0 to Globalization 2.0—the interdependence of plural identities where no one power or alliance of powers dominates. The G‐20 is floundering as the immediate global financial crisis has receded. The United Nations and the old Bretton Woods institutions—the IMF, the World Bank and the WTO—have lost their vigor and are struggling to adjust to the global powershift with the rise of the emerging economies. While Europe is paralyzed as the historic project of integration stalls, the world's two largest economies—the United States and China—are as yet unable to figure out how to share power. The danger now is that the geopolitical vacuum will invite assertions of national self‐interest that will unravel the rules‐based order that enabled stability and prosperity over recent decades. America's leading geopolitical strategist, China's most outspoken strategic thinker and one of Asia's leading global thinkers from Singapore offer their reflections on this state of affairs.     

Universalising Financial Inclusion and the Securitisation of Development

In the wake of the 2008 financial crisis the G20 leaders have attempted to universalise financial inclusion as a key development strategy Financial inclusion, which has long been championed by official development institutions as a sound and effective market-based solution to combat poverty, is also now promoted by the G20, not only as a way out of the ongoing global recessionary environment but also as an important scheme to stabilise the world economy. To this end the G20 Financial Inclusion Experts Group forged the G20 Principles for Innovative Financial Inclusion in 2010 (the G20 Principles). Drawing on a historical materialist lens, I argue that the G20 Principles— which represent extensions of, as opposed to a departure from, the neoliberal development project—serve to legitimate, normalise, and consolidate the claims of powerful, transnational capital interests that benefit from finance-led capitalism. The primary way this is achieved is through obscuring and concealing the exploitative relations and speculative tendencies involved in financial inclusion strategies.     

China and America in a Post‐Hegemonic Age

A great historical transition is underway from American‐led Globalization 1.0 to Globalization 2.0—the interdependence of plural identities where no one power or alliance of powers dominates. The G‐20 is floundering as the immediate global financial crisis has receded. The United Nations and the old Bretton Woods institutions—the IMF, the World Bank and the WTO—have lost their vigor and are struggling to adjust to the global powershift with the rise of the emerging economies. While Europe is paralyzed as the historic project of integration stalls, the world's two largest economies—the United States and China—are as yet unable to figure out how to share power. The danger now is that the geopolitical vacuum will invite assertions of national self‐interest that will unravel the rules‐based order that enabled stability and prosperity over recent decades. America's leading geopolitical strategist, China's most outspoken strategic thinker and one of Asia's leading global thinkers from Singapore offer their reflections on this state of affairs.     

For A New Bipolarity: China and Russia vs. America

A great historical transition is underway from American‐led Globalization 1.0 to Globalization 2.0—the interdependence of plural identities where no one power or alliance of powers dominates. The G‐20 is floundering as the immediate global financial crisis has receded. The United Nations and the old Bretton Woods institutions—the IMF, the World Bank and the WTO—have lost their vigor and are struggling to adjust to the global powershift with the rise of the emerging economies. While Europe is paralyzed as the historic project of integration stalls, the world's two largest economies—the United States and China—are as yet unable to figure out how to share power. The danger now is that the geopolitical vacuum will invite assertions of national self‐interest that will unravel the rules‐based order that enabled stability and prosperity over recent decades. America's leading geopolitical strategist, China's most outspoken strategic thinker and one of Asia's leading global thinkers from Singapore offer their reflections on this state of affairs.     

One in 20: the G20, middle powers and global governance reform

There is a growing consensus that the international system needs to be reformed to reflect the changing distribution of power with the rise of the Brazil, Russia, India and China (BRICs). The Group of Twenty (G20) has been at the centre of these discussions. Within the G20, emphasis has been on great powers or rising powers and their capacity to drive reform. Less attention has been given to the preferences and strategies of middle powers in the G20 and their capacity to shape global governance reform. Drawing on interviews with G20 officials, this paper considers the role of Australia as president of the G20 in 2014. Australia’s presidency presents a unique opportunity to examine the behaviour of a middle power as it balances the competing global governance claims of the USA and the BRICs.     

The Splintering of the G‐20

The solidarity of the G‐20 nations in staving off global financial crisis two years ago has deteriorated into a brawl over currency valuations, trade imbalances and sovereign debt, reflecting the great powershift from the West to the East and the emerging economies. In this section, we invited comments from historians, a former head of state who successfully navigated the Asian financial crisis and a prominent Chinese dissident.     

Human Rights and the Renminbi

The solidarity of the G‐20 nations in staving off global financial crisis two years ago has deteriorated into a brawl over currency valuations, trade imbalances and sovereign debt, reflecting the great powershift from the West to the East and the emerging economies. In this section, we invited comments from historians, a former head of state who successfully navigated the Asian financial crisis and a prominent Chinese dissident.     

The Next 40 Years Will Be the Most Important in History

The solidarity of the G‐20 nations in staving off global financial crisis two years ago has deteriorated into a brawl over currency valuations, trade imbalances and sovereign debt, reflecting the great powershift from the West to the East and the emerging economies. In this section, we invited comments from historians, a former head of state who successfully navigated the Asian financial crisis and a prominent Chinese dissident.     

The Mother of All Solutions for the Global Crisis

The solidarity of the G‐20 nations in staving off global financial crisis two years ago has deteriorated into a brawl over currency valuations, trade imbalances and sovereign debt, reflecting the great powershift from the West to the East and the emerging economies. In this section, we invited comments from historians, a former head of state who successfully navigated the Asian financial crisis and a prominent Chinese dissident.     

The Long‐term Solution for Europe

The solidarity of the G‐20 nations in staving off global financial crisis two years ago has deteriorated into a brawl over currency valuations, trade imbalances and sovereign debt, reflecting the great powershift from the West to the East and the emerging economies. In this section, we invited comments from historians, a former head of state who successfully navigated the Asian financial crisis and a prominent Chinese dissident.     

The G20's role in legitimating global capitalism: beyond crisis diplomacy?

The rising profile of the G20 in the aftermath of the Global Financial Crisis has led to various forms of concern about the legitimacy of this forum. While debates about the legitimacy of the G20 are important and ongoing, they overlook the important observation that the G20 is also attempting to perform a key role in legitimating global capitalism. This role of legitimating global capitalism emphasises the importance of the G20 to act, and be seen to act, to normalise global capitalism, to strengthen global economic governance, and also facilitate a political consensus with regard to key policy issues. This essay critically examines the role that the G20 plays in legitimating global capitalism and contends that the G20 is not just a technical forum of international policy-making but also a political forum for creating and performing visible responses to problems which are seen to be socially responsive.     

The G20, the Crisis,and the Rise of Global Developmental Liberalism

The emergence of the G20 leaders' meeting during the recent global financial crisis as the ‘premier forum for international economic cooperation’ reflects a significant shift of hegemony over global governance towards the emerging economies but does not challenge the authority or objectives of the international financial institutions. On the contrary, successive G20 initiatives, culminating in the adoption of the Seoul Development Consensus for Shared Growth in November 2010, reveal both a further strengthening of the already close institutional relationship between the G20 and the Bretton Woods institutions and a strong shared commitment to a developmental form of global liberalism. This article charts the ascendancy of emerging economy perspectives through the lens of the G20, maps their ties to the imf and other international organisations, sets out the content of the new global developmental liberalism, and assesses the implications of emerging economy hegemony for the advanced and the emerging economies, respectively.     

“Openness Must Be the Norm”

The other great transformation in the world besides the rising power of the emerging economies has been the ever deeper penetration of the Internet in civil society and the economy. Alone among world leaders, French President Nicolas Sarkozy has sought to address the sticky issue of how to “civilize the Internet” in the G‐8, a key forum of global governance which France chairs this year. As a kind of historical document, in this section we publish Sarkozy's speech to the leading information technologists and entrepreneurs he gathered in Paris in May for the first “e‐G‐8” Summit. Eric Schmidt, executive chairman of Google, was among the attendees. We include his report to the 21st Century Council of the Nicolas Berggruen Institute.     

The State and the Internet: A Call for Collective Responsibility

The other great transformation in the world besides the rising power of the emerging economies has been the ever deeper penetration of the Internet in civil society and the economy. Alone among world leaders, French President Nicolas Sarkozy has sought to address the sticky issue of how to “civilize the Internet” in the G‐8, a key forum of global governance which France chairs this year. As a kind of historical document, in this section we publish Sarkozy's speech to the leading information technologists and entrepreneurs he gathered in Paris in May for the first “e‐G‐8” Summit. Eric Schmidt, executive chairman of Google, was among the attendees. We include his report to the 21st Century Council of the Nicolas Berggruen Institute.