Why the G20 Can’t Solve Big Problems
World leaders have gathered in Osaka, Japan for the latest G20 summit meeting. What is the G20, where did it come from, and why is it unable to meet the world's biggest challenges?
Thirty years ago, the G7 countries had real power. In 1989, these seven — the US, Japan, Britain, France, Germany, Italy, and Canada — generated almost 70% of global growth. But that number fell to 50% by 2008, and the global financial crisis made clear they had to work with China, India and others to get things done.