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MBARendezvous.com -India's content lead MBA website has started series of articles to equip MBA aspirants with general awareness with the hope that you would get success in various MBA entrance exams
Following article on”G-20 ” is part of our series on general awareness:
The title of Fareed Zakaria’s 2008 masterpiece was “The Post American World and Rise of The Rest” where he explained the rise of the rest i.e. India and China, without denying the hegemony of US, the largest economy of the world.
The rise of the rest is also witnessed by the spotlight gathered by the G-20 summit, where apart from economically advanced countries like US, Germany, Japan, Italy, UK, Russia, the emerging economies like India , China, South Africa, Brazil, Australia also get the fair share.
In fact, G- 20 is poised to replace the G-8, an exclusively elite club of the wealthy and industrialized nations formulating the strategy for the solutions of the problems faced by the world and announcing doles to the least developed countries of the world.
G-20 member countries are Australia, Argentina, Brazil, Canada, China, Germany, Indonesia, Italy, India, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, USA, UK and EU.
G-20 nations constitute 80% of the world GDP and are abode to two-third of the world population. Not only this, regionally too it is more representative as it has members from every continent except Antarctica.
The first G-20 meeting was held at the level of finance ministers and central bank governors in 1999 in order to correct the path of world economic growth disturbed by the East Asian crises of 1997. A decade later, in 2008, the meeting was elevated to the summit level i.e. the meeting of the head of the member countries, to correct the path of the world economic growth distorted by the world financial crises of 2008.
The first summit meeting of G-20 was held in Washington, while the latest one was held at picturesque town of French Rivera at Mediterranean coast-Cannes, in the first week of November 2011.
The theme of the 2011 G-20 summit was “Building our common future : renewed collective effort for the benefit of all” and its outcome came in the form of following goals:
1. Ensuring global economic recovery.
2. Framework for strong, sustainable and balanced global growth.
3. Strengthening the International Financial regulatory mechanism.
4. Modernizing International Financial Institution.
5. Global Financial safety net.
6. Clean energy and green growth.
7. Development issues.
The current Eurozone debt crisis was majorly discussed at the summit sidelining the other issues. The summit converges on the issues of unemployment and agreed for every possible effort to contain the crises and bring back the world economy on a growth with high employment elasticity.
Usually at the International forums like G-8, G-20 etc., issues like terrorism, environment, social issues etc. are also discussed along with the economic issues but this year the Eurozon crises eclipsed all other issues.
Dr. Manmohan Singh participated in the summit and called for a swift solution of the Eurozone crises. In today’s interconnected and interdependent world, crises anywhere is threat to everywhere. In fact India also offered every possible help to bring the Eurozone out of the crises. Apart from the swift solution of Euro crises India was also looking forward for agriculture, climate change, fight against graft, jobs, growth and reform of the world financial system.
In order to thwart any future crises of the nature of Eurozone or US sub-prime crises, G-20 agenda gave fare space to the strengthening of International Financial regulatory mechanism. Establishment of such a mechanism will be an apt answer to avert further crises of such a magnitude.
Modernization of International Financial Institution is also on the cards of G-20. Since the structures of such institutions are heavily tilted in favor of US and industrialized countries of Europe, reform in the institution is expedient to make it more equitable and effective to ameliorate world economic problems. Along with this, establishment of a global financial safety net will further strengthen the efforts of sound international financial mechanism.
Though G-20 has emerged as an important platform to discuss the relevant issues and providing possible solution but it lacks a suitable mechanism to transform such discussion into action. It also requires a permanent secretariat in order to make its presents permanent and effective. Without such measures, it will be just like a coffee house discussion, lacking a real visible effect.
The members of the body had to be bound by their commitments to the make G-20 a better alternative to G-8, which is more famous for its roll back of commitments than the commitments. The success or failure of G-20 will depend on whether it will be able to make a change in the life of the inhabitants of the earth or it just came out with another agenda year after year.
For India , G-20 has emerged as an important platform to make its voice heard by the world. In fact, the recognition gained by G-20 is in a way recognition gained by India, China, Brazil and other emerging economies. Therefore it is important for India and the rest of the world to make G-20 a more effective body to transform the world in to a more beautiful and livable place.
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