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The Global Economy in Turbulent Times
book

The Global Economy in Turbulent Times

by See-Yan Lin
June 2015
Intermediate to advanced content levelIntermediate to advanced
600 pages
27h 11m
English
Wiley
Content preview from The Global Economy in Turbulent Times

CHAPTER 16 G-20 Summit, Los Cabos 2012 GJAP: More of the Same1

I have just returned from the Shadow G-20 meeting of the International Policy Advisory Group convened by the Asian Development Bank (led by President Haruhiko Kuroda) and the Earth Institute of Columbia University (under the direction of its president, Professor Jeffrey Sachs). Its theme: the global economy in uncertain waters—question marks over fiscal sustainability, financial stability, structural adjustment, and global environmental adjustment. The gathering of about 30 global scholars (including Mr. Daniel Cohen, adviser to the president of France) deliberated for two days with the view of being better placed to influence the outcome on key global issues confronting G-20 leaders at its June 18–19, 2012, meeting in Mexico.

As they met, they were no better off than where they left off last November in Cannes, France, facing heightened risks from Europe that threatens to cripple the global economy. As it turned out, this time the stakes were even higher, as growth in both the rich and emerging nations was now slackening in sync. Not surprisingly, the G-20 meeting turned out to be a nonevent—with a declaration that is full of “sound and fury, signifying nothing.” The G-20, accounting for two-thirds of the world’s population and 85 percent of global output, was expected to press for swift and decisive action by Europe to resolve the turmoil. This time, some leaders did push to steer the agenda’s focus away from ...

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Publisher Resources

ISBN: 9781119059967