Who Will Govern the New World?the Present and Future of the G20
By Ibidem Press
()
About this ebook
Related to Who Will Govern the New World?the Present and Future of the G20
Related ebooks
Development Cooperation in Times of Crisis Rating: 0 out of 5 stars0 ratingsGlobal Governance, Trade and the Crisis in Europe Rating: 0 out of 5 stars0 ratingsTransition to a New World Order: What We Leave Behind for the Next Generation Rating: 0 out of 5 stars0 ratingsThe Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich Rating: 0 out of 5 stars0 ratingsRedesigning the World Trade Organization for the Twenty-first Century Rating: 0 out of 5 stars0 ratingsReport of the Inter-agency Task Force on Financing for Development 2020: Financing for Sustainable Development Report Rating: 0 out of 5 stars0 ratingsReforming the International Financial System for Development Rating: 0 out of 5 stars0 ratingsThe BRIC Road to Growth Rating: 0 out of 5 stars0 ratingsMeeting Globalization's Challenges: Policies to Make Trade Work for All Rating: 0 out of 5 stars0 ratingsGlobal Trends 2020: Mapping the Global Future Rating: 0 out of 5 stars0 ratingsXiconomics: What China’s Dual Circulation Strategy Means for Global Business Rating: 0 out of 5 stars0 ratingsStates and the Reemergence of Global Finance: From Bretton Woods to the 1990s Rating: 3 out of 5 stars3/5The Leaderless Economy: Why the World Economic System Fell Apart and How to Fix It Rating: 4 out of 5 stars4/5BRICS: The Future of World Economic Power in a Changing World Order Rating: 0 out of 5 stars0 ratingsThe Next Convergence: The Future of Economic Growth in a Multispeed World Rating: 4 out of 5 stars4/5Economic Welfare and Entrepreneurship Rating: 0 out of 5 stars0 ratingsOpening to Omnilateralism: Democratic Governance for All, from Local to Global with Stakeholders Rating: 0 out of 5 stars0 ratingsAdjusting to the New World Economy Rating: 0 out of 5 stars0 ratingsChina Versus the West: The Global Power Shift of the 21st Century Rating: 0 out of 5 stars0 ratingsAftermath: A New Global Economic Order? Rating: 0 out of 5 stars0 ratingsThe OECD and the Challenges of Globalisation: The governor of the world economy Rating: 0 out of 5 stars0 ratingsEconomía Global lobal: Economy Rating: 0 out of 5 stars0 ratingsOne Road, Many Dreams: China's Bold Plan to Remake the Global Economy Rating: 0 out of 5 stars0 ratingsThe Chinese Yuan: Internationalization and Financial Products in China Rating: 0 out of 5 stars0 ratingsBankrupt: Global Lawmaking and Systemic Financial Crisis Rating: 0 out of 5 stars0 ratingsBeyond the Developmental State: Industrial Policy into the Twenty-first Century Rating: 0 out of 5 stars0 ratingsBeyond the World Bank Agenda: An Institutional Approach to Development Rating: 0 out of 5 stars0 ratingsThe Political Economy of Reforms in Egypt: Issues and Policymaking since 1952 Rating: 4 out of 5 stars4/5A Decade after the Global Recession: Lessons and Challenges for Emerging and Developing Economies Rating: 0 out of 5 stars0 ratings
Politics For You
A People's History of the United States Rating: 4 out of 5 stars4/5The Devil's Chessboard: Allen Dulles, the CIA, and the Rise of America's Secret Government Rating: 5 out of 5 stars5/5The Real Anthony Fauci: Bill Gates, Big Pharma, and the Global War on Democracy and Public Health Rating: 4 out of 5 stars4/5Son of Hamas: A Gripping Account of Terror, Betrayal, Political Intrigue, and Unthinkable Choices Rating: 4 out of 5 stars4/5Gaza in Crisis: Reflections on the U.S.-Israeli War on the Palestinians Rating: 4 out of 5 stars4/5The Republic by Plato Rating: 4 out of 5 stars4/5On Palestine Rating: 4 out of 5 stars4/5The Cult of Trump: A Leading Cult Expert Explains How the President Uses Mind Control Rating: 3 out of 5 stars3/5Fear: Trump in the White House Rating: 4 out of 5 stars4/5Capitalism and Freedom Rating: 4 out of 5 stars4/5Daily Stoic: A Daily Journal On Meditation, Stoicism, Wisdom and Philosophy to Improve Your Life Rating: 5 out of 5 stars5/5How to Hide an Empire: A History of the Greater United States Rating: 4 out of 5 stars4/5This Is How They Tell Me the World Ends: The Cyberweapons Arms Race Rating: 4 out of 5 stars4/5The Madness of Crowds: Gender, Race and Identity Rating: 4 out of 5 stars4/5The Humanity Archive: Recovering the Soul of Black History from a Whitewashed American Myth Rating: 4 out of 5 stars4/5The Parasitic Mind: How Infectious Ideas Are Killing Common Sense Rating: 4 out of 5 stars4/5The Great Awakening: Defeating the Globalists and Launching the Next Great Renaissance Rating: 4 out of 5 stars4/5Government Gangsters: The Deep State, the Truth, and the Battle for Our Democracy Rating: 5 out of 5 stars5/5Freedom Is a Constant Struggle: Ferguson, Palestine, and the Foundations of a Movement Rating: 4 out of 5 stars4/5The Gulag Archipelago [Volume 1]: An Experiment in Literary Investigation Rating: 4 out of 5 stars4/5Sex Trafficking: Inside the Business of Modern Slavery Rating: 4 out of 5 stars4/5The Art of War & Other Classics of Eastern Philosophy Rating: 4 out of 5 stars4/5The U.S. Constitution with The Declaration of Independence and The Articles of Confederation Rating: 5 out of 5 stars5/5Closing of the American Mind Rating: 4 out of 5 stars4/5The Girl with Seven Names: A North Korean Defector’s Story Rating: 4 out of 5 stars4/5Unhumans: The Secret History of Communist Revolutions (and How to Crush Them) Rating: 4 out of 5 stars4/5
Reviews for Who Will Govern the New World?the Present and Future of the G20
0 ratings0 reviews
Book preview
Who Will Govern the New World?the Present and Future of the G20 - Ibidem Press
ibidem Press, Stuttgart
Table of Contents
All in the Same Boat
Building an International Great Finance, Great Cooperation, Great Governance
Platform
Please allow me to describe more fully my personal opinions on the matter.
China will be the World’s Largest Economy by 2025
G20: Innovation of Global Governance in the 21st Century
Part 1 Global Governance in the Post-Financial Crisis Era
Renmin University of China Chongyang Institute for Financial Studies Research Report on G20 Series No. 2
Limitations of the G20: While the G20 has played an important and irreplaceable role, it also has significant limitations
First G20 Think Tank Summit (Beijing, August 21–22, 2013) Beyond Economics and Finance: The Role of the G20 in Promoting a Sustainable and Peaceful World
Characteristics of 21st Century Challenges
The Future Role and Potential of the G20
Fine-Tuning the Group of Twenty (G20) for a Post-Crisis Era: Fossil Fuel Subsidies as a Case Study for Turning Multilateral Consensus into Multilateral Action
Comparative advantages can be a double-edged sword
Fossil fuel subsidy commitment demonstrates need for transparency and accountability
Applying lessons learned to develop a roadmap for broader G20 reform
Managing Globalization through the G20 Forum
G20 and the opening of markets
Maintenance of economic growth in periods of fiscal consolidation
Monetary policy and financial market reforms
Increasing role of China in the G20 forum
G20 and the New Horizon of Global Governance: Toward a More Collaborative World
G20 Meetings: Accomplishments, Constraints, and Future Potential
Why should the G20 evolve?
How to manage global issues through the G20?
G20 Summit 2013: Future Prospects in Economic and Financial Fields
I. Traditional G20 Agenda—Economic and Financial Aspects
II. G20 Agenda in 2013: Russian Priorities (Russia in G20)
III. Meetings prior to the G20 Leaders Summit
Challenges and Risks
Conclusion
Bibliography
What is the Point of the G20?
Economic and financial outlook for the G20
China in the G20
G20: Quo Vadis?
Introduction
Effectiveness of the G20
Conclusions
References
G20 from the Perspective of Green Growth and Sustainable Development[1]*A
Introduction
G20 Future Prospects in Green Growth and Sustainable Development
Conclusion
References
The G20 and the Dilemma of Asymmetric Sovereignty: Why Multilateralism is Failing in Crisis Prevention
Abstract
The crisis management of the G20 raised hopes
Liability in the event of a crisis
Why do global approaches fail?
The negative perception of the international division of labor
Without a political anchoring in the member states, the G20 has no future
References
An Australian Perspective on the G20
Australia and the G20
I. Australia as a Middle Power
II. Australia’s Contributions to the G20
III. The Future of the G20
IV. Threats to the Future of the G20
An Expanding Agenda
Inflated Expectations
Legitimacy
V. China and the G20
A Forum that Includes Rising Powers
China and the G20
What about the G20?
Part 2 The Role of Emerging Economies
New Kids on the Block—the Growing Power of Emerging Countries in the G20
Might the next big idea come from an emerging country?
Mexico donating money to Europe
We like these countries: soft power as a convenient strategy
The New Agenda
On our way to a new geopolitical order?
Note on the Recent Progress of the G20 and China’s Future Role in the Multilateral Economic Agenda
Introduction
Recent progress of the G20 reform agenda
Challenges for developing economies and the search for a broad G20 agenda
China’s transition and its role in the G20
Concluding remarks
G20: Governing Development?
Introduction
Governance
Development Agenda
In Conclusion
The Future of the G20 Countries[(]
Population
Economics
Conclusion
Great Finance, Great Cooperation, Great Governance
Statement to the International Think Tank Conference
About the G20
Future Prospects of the G20
China’s Role in the G20
Domestic Economic Policy
Reform of the International Monetary System
Statistical Annex
Middle East, North Africa (MENA) Trade with rest of the World
G20 and Turkey
Introduction
Russia’s Term Presidency
Turkey’s Position
Concluding Remarks
Part 3 China’s Development and the G20’s Future
Interest Camps in the Framework of the G20 and Strategic Space of Emerging Countries
The G20 and a New World Order
Three Major G20 Camps
Emerging countries’ development space in the framework of the G20
G20’s Future and China’s Role in the G20
Abstract
Section I: G20 Opinion
Section II: The Future Prospects of the G20
Section III: China’s role in the G20
References
G20 Governance for the Future: Performance, Prospects, Possibilities and China’s Role
Introduction
G20 Performance
G20 Prospects and Possibilities in Economics and Finance
China’s Role in the G20
References and Bibliography
Part 4 G20 Think Tanks: Joint Statement
Great Finance, Great Cooperation, Great Governance
International Think Tank Conference: Joint Statement
Afterword: Think Tanks, Public Diplomacy and the Chinese Dream
All in the Same Boat
Li Zhaoxing
Former Foreign Minister of China,
President of the China Public Diplomacy Association
I am very pleased to be here at the opening ceremony of the Great Finance, Great Cooperation, Great Governance
International Think Tank Conference. I want to take this opportunity to say congratulations on a job well done. I would also like to extend my heartfelt gratitude to all of our guests representing G20 think tanks.
Personally, I am very excited to be back at the world famous Renmin University of China. My first visit to Renmin University of China was 54 years ago. As a college freshman in the Peking University chorus, I came to sing for the students and professors here. I have much admiration for this university, especially its motto to seek truth from facts
. It is also the only Chinese university to have Chinese People
as its name, and it is the first university established in the People’s Republic of China after China’s liberation in 1949. To see Dean Chen Yulu appear here personally today at this conference pleases me a great deal. As Thomas Jefferson, the third President of the United States once said, being President of the United States did not make him happy, but becoming a university president made him happy.
The world is now in a phase of general peace and development, characterized by a multi-polar world order, increasing economic globalization and increasing technological breakthroughs. But the persistence of financial crises and the re-emergence of new interventionism in global politics present enormous challenges. Governments must listen to their people’s heartfelt words, put the people first and promote a better life for everyone. This is the common purpose and common interest of every single nation. Second, we must face global problems together. When one considers the threats of financial crises, food and energy security, and climate change, it is clear that no country can develop without the international community. Cooperation is necessary. We must abandon the old zero sum thought process of I win, you lose, I’m rich and you are poor.
The world needs to take initiatives for shared prosperity. Developed countries have the obligation and responsibility to help the poorest countries develop. Developing countries need to be strong and take initiatives for their own development, including openly and actively entering the global marketplace to utilize their comparative advantage.
Third, reform and innovation are the most effective tools to solve international problems. Over the past 20 years the international order has undergone immense changes. The scope of international trade has increased by fivefold and cross border investment has increased by eightfold. The old international system already cannot keep pace with these changes and needs to adapt. The international monetary system must be reformed, international cooperation must be increased, and the representation and say of developing countries in international financial institutions must be strengthened. In sum, the international financial system must be pushed in the direction of openness and fairness.
Fourth, in order to keep our international promises, we have to cooperate. This will lead to a win-win
situation in international affairs. Trade protectionism, barriers to trade, restrictions on investment and technology exports, policies that hinder the spread of new technologies, and currency devaluation are all impulses that must be resisted at the international level. The international community must keep its promise to promote sustainable and balanced growth, reject protectionism and move beyond cold war style thinking.
Let’s be perfectly clear. In the world today, every country must more vigorously uphold the U.N. Charter and respect the sovereignty of other nations by not interfering in other countries’ internal affairs. Interventions from the outside will only lead to even more turmoil and pain for the people inside that country.
Ladies and gentlemen, for the past five years developing countries and emerging markets have led the global economic recovery, contributing over three quarters of new growth and maintaining two thirds of the $10.8 trillion in existing global accumulated foreign exchange reserves. As a developing country, China must remain committed to shrinking the north-south divide by helping other developing countries. Chairman Xi Jinping has said that the Chinese Dream is one of peace, development and mutual gain, the same development dream that is shared by the world. We will continue to push for peaceful development and participate in multilateral affairs, as well as support the role of the G20 and the Shanghai Cooperation Organization.
Congratulations and thanks to you all!
Building an International Great Finance, Great Cooperation, Great Governance
Platform
Chen Yulu
President, Renmin University of China, PBOC Monetary Committee Member, Dean, Chongyang Institute for Financial Studies
The Great Finance, Great Cooperation, Great Governance
International Think Tank Conference, hosted by Renmin University of China and organized by Chongyang Institute for Financial Studies, welcomes think tanks from over 20 countries comprised of representatives from government, business and academia. Together we strive to plan a better global economic recovery and reform the international financial system. On behalf of Renmin University of China, I extend to you all our warmest welcome.
At present, the global economy is undergoing deep adjustments. The international financial climate is ever more complex. The recovery in developed economies is uncertain, and continued growth in emerging economies has run into many difficulties. The threat of competitive currency devaluations still lingers, and other protectionist measures still reappear.
The deep impact of the financial crisis persists. The path to sustainable international growth will be long and full of difficulties. An important question remains, should the financial crisis that began in the West also be solved under Western leadership? Can the financial storm that occurred under the Bretton Woods framework be resolved under that same framework? How can growth be stimulated to sustain the recovery? These are the root problems that world’s 20 major economies must contemplate. It will require a concerted effort to address the pressing challenges we all share.
In an age of deepening global integration, economic systems are ever more complicated. Unilateral measures are not enough to overcome the great problems and challenges facing the global economy and financial system. Similarly, government intervention alone is unsustainable. We must strengthen communication and cooperation among nations, as well as strengthen three-dimensional coordination and dialog between government and nongovernment groups at every level. Open cooperation for mutual gain is the only way the world will make it out of the crisis together.
As a hub that links government and society, think tanks play an increasingly important role in designing policy alternatives. In a world that needs better communication and cooperation, it is important for think tanks from every major economy to strengthen their ties of communication and push toward consensus building. The world needs to create more platforms for think tanks to exchange ideas, especially platforms for exchanges on international financial governance. The Great Finance, Great Cooperation, Great Governance
international academic conference hopes to provide such a platform for the world’s think tanks.
During the global financial crisis, China gained a great deal of valuable experience and of course learned many lessons. From 2008 to 2012, China contributed on average 44% of global GDP growth. The international system has foolishly gone down the destructive path of financial derivatives while growth in China’s real economy is relatively stable. China’s most important lesson from the financial crisis is that the development of finance must serve the real economy. Moreover, finance that serves the real economy should become the core value of global economic governance. As a specific policy proposal, we hope to limit the excessive use of financial derivatives to guarantee the flow of capital to the real economy in order to expand production and increase employment. We should promote international cooperation in emerging industries and actively foster new sources of economic growth by taking full advantage of the latent power of technological advancement to pull the world out of the crisis and create common prosperity.
Please allow me to describe more fully
my personal opinions on the matter.
1) Great Finance
to promote shared prosperity.
It is unrealistic to think that any economy can escape the financial crisis on its own. To make it out of the crisis, the world must create a network to sustain financial coordination. Outside of monetary policy, this financial coordination framework should include macro-economic policy, fiscal policy, and the coordinated supervision and regulation of financial markets. It should also create greater cohesion between financial and industrial policy to better serve the development of the real economy. There should be increased internal communication and coordination within the world’s 20 major economies to enable the creation of mutually supportive and mutually complementary policies between countries. This will help policymakers find appropriate solutions to the problems of sovereign debt and risk created by large scale and disorderly cross border financial flows. It will also help control fluctuations in commodity prices and ease global inflationary pressures.
2) Great Cooperation
to realize shared prosperity.
Promoting a robust recovery is a top concern of the international community. No country is an island in the global economy; no country can develop by itself in the global economy. While pursuing our own national interests, reasonable attention must be paid to conditions within other countries. Competitive currency devaluations are disruptive to international markets, akin to the beggar-thy-neighbor
policies adopted by economies during the Great Depression—it is a dead end. A more reasoned and just international economic order must show more concern for developing countries and their right to be heard within global institutions. For cooperation on global financial governance to succeed, a full, complete, and consolidated system of international financial regulation is needed. This system of financial regulation should encompass banking, securities, funds, trusts and all financial institutions, accompanied by comprehensive regulations based on a consolidated statistical system. To guarantee the stability of international finance, a global cross border system to monitor financial flows should be created. Through enhanced international cooperation we can strengthen regulation of derivatives trading, commodities trading and other highly speculative markets that impact the stability of the international financial system.
3) Great Governance
to guarantee shared prosperity.
With the development momentum of the real economy, only a globalized world can escape this crisis. The recovery of the international economy and upgrading of the Chinese economy both rely on innovation as the driving force to bring about high quality and more competitive growth. We can win the future of development by bringing together development and innovation. The greatest bottleneck in global economic development is the inability of developing countries to realize their full potential. Growth in real global demand has not kept pace with growth in production. In the long term, there is an unbalanced distribution of resources, wealth, and development opportunities between developed and developing countries. This gives rise to a downward spiral where the less a country develops, the more backwards a country becomes, and the more backwards a country is, the less able it is to develop, thus stifling sustainable and long lasting growth in the world economy. Speeding up the social and economic development of developing countries and pushing forward the United Nations Millennium Development Goals will in the end enable the world to achieve common prosperity.
There is an old Chinese saying that only after the affairs of the people have been addressed can coordination among the leaders from the various kingdoms become possible, and when this happens, the people of the world will grow closer as a result. Starting from civil society, we can strengthen global cooperation for a global financial governance system, following a path to common prosperity.
China will be the
World’s Largest Economy by 2025
Dr. Robert Mundell
Nobel Memorial Prize in Economic Sciences Laureate,
Professor at Columbia University
I am happy to be back at Renmin University of China because I once taught at this university back in 1995. That was a very happy time for me, so I am happy to be here to meet my old friends Foreign Minister Li Zhaoxing and President Chen Yulu. When I was here in 1995, President Chen was the dean of our department. I am very happy to be able to meet him whenever I come to Beijing.
I must congratulate and thank Renmin University of China Chongyang Institute for Financial Studies for holding this excellent Great Finance, Great Cooperation, Great Governance
International Think Tank Conference. RDCY is the beginning of a very large and important Chinese research institute. I am honored to be a part of their very first conference.
Of course, at a G20 think tank conference, I must note that the G20 does not have a secretariat. There are many voices for and against the creation of a G20 secretariat, so before the September G20 meeting in Russia is held, it’s very important to hold G20 think tank conferences. I remember in the 1980s I held a conference before the meeting of one of the G7 summits. We noted that the G7 had no agenda, and we felt it very difficult to hold a summit meeting without an agenda. During this time I was able to meet President Reagan and Secretary of State Kissinger, so it was a very exciting period.
The international financial system will be part of the G20 agenda in the future. I will be describing the history of the development of the international financial system, and out of this history we will be able to see future developments. In the beginning there was the British Empire. Even though it was not as strong as the United States is today, it was at the time the most powerful country in the world. It established a very large capital market based on the gold standard. After 1792 the United States began its slow rise, eventually the size of its economy surpassed that of England, France and Germany combined. After its rise and England’s decline, the United States established its own monetary advantage. But many nations didn’t want the Dollar to occupy a hegemonic position in the international monetary system, because as we see today, the Dollar can be devalued. After World War II and the creation of the Bretton Woods system, even though it was not an entirely new system, but rather an improvement of the old system, it was still the only workable system where America was developing and Europe was in decline. Bretton Woods also had its bad side in inflation, arbitrage of gold, and the role of gold was replaced by the Dollar. In 1971 the Bretton Woods system was replaced by the floating exchange rate system, which has persisted until today.
Each country’s monetary ability has a relationship to the size of its GDP. Since 1970 the United States has been the world’s largest economy, and gradually switched to a system of flexible exchange rates. Oil prices increased by 4 times in this period, and around 1980 the Dollar was extremely weak. After this, the Dollar’s rise underscored its important position when flexible exchange rates created a crisis for the world. Countries like Argentina experienced severe inflation. Later, there was the euro area and the rise of the euro.
Germany, France, Italy and England are all very strong economies, but because their currencies had not been united they had no means of acquiring any sort of monetary advantage, and this had a big influence on Europe. The euro has risen to become a new safe haven from risk, but its financial system has been separated into two parts, this is an unfavourable development because it limits the creation