cover image: A global crisis of development : Crise mondiale de développement: résponses et responsibilités

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A global crisis of development : Crise mondiale de développement: résponses et responsibilités

23 Mar 2010

It was during the Cold War that the fi rst “Gs” emerged, with the G-77 and the G-10 during the 1960s, followed by the G-24, G-5 and the G-7 in the 1970s, along with the institution of the annual economic summit among the major Western industrial powers (Culpeper 2001, 2003). [...] In general, the G-77 and G-24 can be considered “reactive” to the policy discourse of the G-7, rather than shaping outcomes and directing the course of international policies.2 Since its creation at a summit convened by the United States in 1976, the G-7 has had a leading role in reforming the global financial architecture. [...] The last major economic and financial crisis, which erupted in East Asia in 1997, marked the beginning of the process which led to the establishment of the G-20. [...] Indeed the G-20 was created by the G-7 at their Finance Ministers’ Meeting in 1999 and was intended as the successor to the previous G-22, which had been hastily and unilaterally convened by the US in November 1997 in the wake of the Asian financial crisis (Helleiner, 2001).3 The Asian crisis was an important turning point in that it was an opportunity to undertake serious reforms at the global le [...] However, the 15 per cent of global GDP and one-third of global population not included in the G-20 comprise 172 sovereign (mostly low- and middle-income) states that legitimately feel left out and advocate a greater role for the United Nations (UN), the one institution in which all countries have a say.4 From the Politics of Rescue to the Politics of Reform The current global meltdown precipitated
economic development aid government politics economy poverty taxation international trade business economic growth government policy international relations investments imf development aid bank african development bank mortgage g20 capital account financial crises aid effectiveness dac low-income mdgs g-20 bric economic assistance, canadian department for international development bretton woods system the millennium development goals g-8
ISBN
9781897358078
Pages
149
Published in
Canada

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