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Economics: An A-Z Guide by Matthew Bishop

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G

G7, G8, G10, G20, G21, G22, G33

“I don’t want to belong to any club that will accept me as a member,” quipped Groucho Marx. But the world’s politicians are desperate to join the economic clubs that are the Group of Seven (G7), G8, G10 and so on. Being a member shows that, economically speaking, your country matters. Alas, beyond making politicians feel good, there has not been much evidence in recent years that they do anything useful, apart from letting GOVERNMENT officials and journalists talk to each other about economics and politics, usually in beautiful locations with lots of fine food and drink on hand.

In 1975, six countries, the world’s leading capitalist countries, ranked by GDP, were represented in France at the first annual ...

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