Word: globalization
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Dates: during 2000-2009
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...yesterday’s G-20 London Summit showed all the signs of hubris-hampered, every-economic-bloc-for-itself nasty diplomatic failure. It turned out better than expected: Although many worthwhile bottom-up institutional reforms didn’t squeeze through, the six-pronged plan for global recovery proposed by the leaders of the world’s 19 largest economies, plus the European Union, offers at least a small sign of hope...
Over the past few years, as the global political landscape has shifted beneath our feet, the emerging economies have found a voice, and American hegemony has receded into a form of influential leadership rather than outright dominance. Decision-making at the global level has been relatively non-existent. Although yesterday’s summit registered no seismic shift toward solidarity and probably nowhere near the number of institutional reforms needed to solve long-term problems, it at least made a strong tremor of cooperation on the geopolitical Richter scale...
...China), which are starting to throw a little weight around (though substantially less in Russia’s case). The heydays of the Group of 8 are over, and almost everything proposed at the summit had to get past the emerging economies. Case in point: When Sarkozy proposed a global crackdown on tax-heavens, it was Chinese, not American, opposition that cut down the proposal substantially so it could protect financial centers in Hong Kong and Macao...
Still, the commitment to tackle a global problem is an impressive, mammoth feat. This never happened during the Great Depression...
...their own "non-negotiable red lines" to quote the French politician's martial phrase, nobody can confidently rule out last-minute spats. Indeed, although the concluding press conference has been scheduled for 3.30pm British summer time, delays are already rumored. (Read "The G-20's Hidden Issue: A Global Trade Imbalance...