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Links 1 through 10 of 133 by Keith Porter tagged globalorder

At its September summit in Pittsburgh, the Group of 20 leading economies in the world proclaimed themselves as the supreme global economic institution, replacing the increasingly flimsy and unrepresentative Group of Eight and outlining greater power for their new grouping. The dominant public reaction has been positive. After all, the G20 represents 85 per cent of the world’s economy and two-thirds of its population and though large in number it is still small enough to be effective. But the G20 actually violates fundamental principles of international co-operation by arrogating for itself important financial decisions that should be shared by all countries. In so doing it also emasculates the sovereign rights of small countries that have long been the prime defenders of multilateralism and international law as well as the foremost policy innovators. The rule of the big powers over the rest is in danger of becoming unjust and reactionary.

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As 2009 draws to a close, one of the many legacies of the credit bust has been the expansion of global economic governance from a Group of Seven club of rich nations to a Group of 20 that recognizes emerging economic powers. Many experts say this change -- formalized this year during the G20 summit in Pittsburgh in September -- may well have far-reaching implications for assumptions about global economic policymaking and financial volatility in the years ahead. At the very least, they argue, it is probably wise not to assume continued adherence to principles such as freely-moving cross-border capital, the primacy of market disciplines and floating currencies and world standards on financial regulation.

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Obama said: “As leading economies US and India can strengthen global economic recovery in the world.” Calling India a nuclear power and a co-partner in preventing the spread of the world’s most deadly weapons and securing the loose nuclear material from terrorists, Obama said the two countries can pursue “our shared vision of the world without nuclear weapons”. He called India “an increasingly a global influential power” and said: “We can partner to meet other transnational challenges, developing clean energy, partnerships confronting climate change, stopping infectious diseases, reducing hunger and put an end to extreme poverty in our time.

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Kinzer is very optimistic about Turkey's potential to be a leader and peace-builder in the Middle East and Central Asia. He identifies Cyprus as the one remaining obstacle to Turkey's ascension on the world stage. He hastens to add that Turkey needs to sort out its own domestic social contract before it can assume the kind of leadership role that Kinzer envisions. Indeed, achieving balances among freedom and security; Islamists and secularists; and military and civilian leadership remain huge challenges - but this week's agreement with Armenia is undoubtedly a step in the right direction.

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Among conservatives in the United States, globalism generally does not have an especially good name. To them, and to many Americans of all political persuasions, it is viewed as an inherently anti-American concept. Yet, as the Richter Scale explains, nothing could be further from the truth.Mention the word “global,” and a surprising number of Americans immediately become apprehensive. There is a litany of reasons why it makes folks uncomfortable. In part, it is a reflection of what, at least between the two coasts, is still a remarkably insular nation where only 22% of people have passports. Distance, money and nervousness — stemming from a lack of familiarity with the outside world — likely explain why many Americans have not traveled abroad. Others consider globalism as a form of liberal elitism or, worse, as a leftist attempt to circumvent traditional American values (whatever they may be) or to undermine the United States (via the United Nations, black helicopters, immigrants...

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The G20 summit comprising the 20 main developed and emerging states is to be held in Korea in November. The states decided on Korea as the next venue at the meeting of the G20 summit that was held in Pittsburg, the United States on Sept. 25. The first G20 finance ministers meeting was held in 1999 and was upgraded to summit talks immediately after the financial crisis broke out in the United States in November 2008. Then, after three meetings were held irregularly, it was decided to hold the first meeting in Korea, as the talks became more regular. This implies a change in the global order and has a significant meaning for Korea. First of all, it means that Korea is at the center of the change in global order.

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China is currently pursuing oil resources in unstable countries without regard for the political risk entailed. While that might play well in the short- to medium-term, it could cost China dearly down the line, argue Matthew Hulbert of CSS ETH in Zurich and Dr. Christian Brütsch of the University of Zurich.

eightened levels of risk in politically unstable oil-producing countries allow relatively easy access for major Chinese oil companies in markets that would otherwise be tougher nuts to crack. What better way to get your foot in the doors of oil producers than in the absence of Western counterparts?

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1: China today, say many analysts, is in a comparable position to U.S. at the beginning of the 20th century... an emerging power that the dominant global power of the time is trying to downplay. Then it was Great Britain vs. the United States. Now it is the United States vs. China.
2: China's rapid economic expansion continues to outpace growth in the United States, 8.9 percent in the last quarter versus 3.5 percent in the United States giving Beijing huge economic leverage.
3: China is on the brink of overtaking Japan as the world's second biggest economy and could overtake by some estimates (PricewaterhouseCoopers) the U.S. economy in overall size (though not GDP a head) by 2025 and be 130 percent bigger than the U.S. economy by 2050

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The problem is similar, if less extreme, for the world’s other rising powers. Their per capita emissions may be lower than China’s and NGOs less terrified of offending them. But still, a country like India has 17% of the world’s population – which gives it quite a stake in our collective future. It is also massively vulnerable to a changing climate (especially as a lack of water disrupts food production). But yet India is notoriously rubbish at international climate talks. So all the more credit to Malini Mehra, from the Center for Social Markets, for her persistent (and unusual) attempts to shine a light on India’s failings. “In recent months, India has sought to challenge its image overseas, and in growing quarters at home, as recalcitrant and obstructionist on climate change,” she writes in her latest critique.

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The G20 is not perfect. Among other defects, it suffers from European over-representation. At the Pittsburgh summit, six European leaders (from Germany, France, Britain, Italy, Spain, and the Netherlands) managed to attend, in addition to the president of the European Council (Sweden) and the chairman of the Commission. Still, the G20 does represent a fairly good selection given the political constraints involved in setting it up. Establishing a G4 with Japan, the U.S., China and Europe would provide a less unwieldy environment that would be particularly well-suited to international monetary affairs for which the G20 membership is too large. The G20 can address security concerns such as North Korea and maritime piracy, where there is some sort of global consensus. It cannot, however, handle issues where such agreement is lacking, nor those where discussions turn to sensitive defense topics.

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