Category: G20

Making Sense of the 2014 G20 Summit

Government representatives of the world’s 20 richest nations met in Brisbane, Australia in November 2014 to decide on significant matters affecting the member nations as well as the world economy. The group known as G-20 deals with macroeconomic issues that at the policy level of each nation translate into microeconomic decisions. Although the voices of all members are considered, the structure of the G-20 is such that the strongest economies led by the US prevail in core decisions. The overarching goal remains to pursue globalization under the neoliberal model rather than to deviate from it as many economists, including Nobel Prize winners have been suggesting. The impact of this model on the wealthy nations and wealthy people in each nation works well. However, the impact of the model on the poor nations, the lower middle classes, workers and peasants has proved questionable in the last three decades.