Can G-20 succeed where G-8 failed?
PITTSBURGH (AP) — The world’s most exclusive club has just gotten bigger, and it is promising a lot of big things for the global economy. But it is likely to have just as much trouble delivering results as the smaller group it replaced. Leaders of the Group of 20, holding their third summit in less than a year, proclaimed that the 21st century needed a new way of coordinating the global economy to replace the much smaller Group of Seven and later the Group of Eight that ruled over economic decision making for the past three decades. Going forward, it will be the G-20 calling the shots. That means that the old economic powers – the United States, Japan, Germany, France, Britain, Italy, Canada and relative newcomer Russia – have now been joined by fast-growing developing countries like China, Brazil and India.
