These members arent the sole primary players anymore so they cant do much G 20

These members arent the sole primary players anymore

This preview shows page 4 - 6 out of 6 pages.

These members aren’t the sole primary players anymore so they can’t do much G-20 – added in India, Argentina, Australia, Brazil, China, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea, Turkey, and EU o Some members get a double vote because they’re in this and the EU o It is more representative of planet Earth – the rich people and different ethnicities, cultures, etc. 85% of world GDP and 80% of all global trade 2/3 of the human population G7 was like a little white man’s club but the G20 is different
Image of page 4
o Very functional although a lot of people hate it because it’s not Democratic and why should they get to affect all of the policy of the world But it’s more representative He says UN can agree on nothing because there is 192 of them but the G7 agreed on a lot yet it wasn’t representative The G20 is in between Will be most effective global working group to enact pay No country will take legislation to the UN without taking it through the G20 first The UN is to complicated and there are too many voices G20 has the most voice in the world so you might as well push it through them first to see if it’ll pass o i.e. environmental policy Clearance house o P5 are all in G20 o They now have a yearly Summit since 2008 Washington, London, Pittsburgh, Seoul o Just like the G7 and G8, there is no binding legislation and nothing that forces them legally to do anything BRIC Really new grouping of countries and they don’t really have a constitution, rules, or regulation He’s fired up about the BRIC bum bum bum house, fast going economies, that’s what they’re all about Brazil, Russia, India, China BRIC was coined by some financial writer in the US who was looking at future performing economies and said that these four countries were good for investment o Because they are some of the hottest performing, fastest growing economies o Brazil doesn’t just export soybeans anymore o Russia exports resources o India is lagging behind China but they won’t stay this way and they have huge computer fields 7-12% GDP growth rates o You can’t say this about America or Europeans BRIC is physically big countries with big populations with big amounts of natural resources and work forces o Invest in them for the future o They should get in the top 5 economies in 2020 There is a big sea change – the countries get together to chat informally about all things economic and none of it is binding o Much like G-7 and G-8 which were the biggest economies over the last 50 years
Image of page 5
o Alternative to the G-7 IT looks like an alternative to political power in the world o Alternative to the West in the World in the rest of our time o Iran – western world is united against Iran and BRIC is of the opposite opinion Particularly India and Brazil don’t like the sanctions with Iran and they all do business with Iran Only been getting together for about 5 or 6 years
Image of page 6

You've reached the end of your free preview.

Want to read all 6 pages?

  • Fall '08
  • Saudi Arabia, Arab League, African Union, member states

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes