top of page
Search

FINANCIAL TIMES: 'THE G7 MUST ACCEPT IT CANNOT RULE THE WORLD'

According to the Financial Times, the growing influence of the BRICS means the end of US hegemony and G7 dominance, and Washington must learn to negotiate.


"Goodbye G7, hello G20" was the headline of an article in The Economist about the first G20 summit in Washington in 2008, claiming that it marked "a decisive shift in the old world order".

Today, hopes for a global economic order based on cooperation are dashed. The former world of G7 dominance is even further away than the world of G20 cooperation. Neither global cooperation nor Western dominance seems feasible.

What might follow? Unfortunately, "separation" might be one answer, and "anarchy" another.

The days of US "unipolarity" and G7 economic dominance are over. 19 countries (*)h ave applied to join the BRICS, which already includes Brazil, Russia, India, China and South Africa. BRICS now looks set to become a major global grouping. What unites the members, of course, is the desire not to be dependent on the whims of the US and its closest allies, who have dominated the world for the past two centuries.

Yes, the G7 must protect its values and interests. But it cannot rule the world, even if the fate of the world depends on its members. A way of working together must be found again."

*) it is now 30 already with 13 more in the pipeline


FT hits the nail on the head. It's done, finito, arrivederci. See you never again;


5 views0 comments

Comments


bottom of page