The G8

Aired on June 4, 2007
This week, I'm predicting a global case of deja-vu. Some of the world's most powerful leaders will recommit to what they recommitted to last year.

And a pack of wealthy rock-stars will restage a concert they re-staged last year.

And the United States will re-water down whatever watery documents are presented for signing at the end.

Ahh...the G8. It's like an episode from Entertainment Tonight ---- they always over-sell and under-deliver.

This year, I'm not the only one with a case of déjà vu and there are more and more questions being raised about the relevance of the G8, in a world of one super-power and lots of super-powers to be. So let's take a quick look at who's in and who's out.

In theory, the G8 is a forum for the world's most powerful industrialized democracies. Now, right off the bat, I haven't heard anyone accuse Russia of being a democracy lately. And its economy isn't even in the top 10.

So what's the rationale behind excluding the world's fourth largest economy, China? They're just as undemocratic, they treat their protesters just as badly...Actually maybe that's not a good standard to use these days.

Speaking of Canada....I'm not sure why we're keeping a seat at the table. According to the World Bank, Spain has overtaken us for the number 8 spot.

And what about India. Economy at number 10. Democracy for, well, 50 years. Why on earth isn't India in the club. I guess it's just too much hassle to change the letter-head all the time.

Listen, the truth is, the G8 just can't keep up with the rest of the world. The only time the club has ever changed its members' list, was when Russia joined.That was in the nineties.

In those heady days of walls falling, and freedom rising, and the whole world was going to embrace American style capitalism and democracy.

Well we all know what's happened since.

Disastrous shock therapy in Russia created the oligarchs --- and paved the way for Putin. In the former Soviet Union, but also in Latin America and the Middle East, America has fewer and fewer friends.

And in China and India, bigger and bigger rivals.

The idea of the G8, the most powerful democracies in the world, led by a single super power --- capable of getting together once a year and shaping the course of history ----- it's all so 1989.

Category:

News & Politics

Tags:

• G8
• globalization
• WTO
• free
• trade
• Bono

[mcaj007]

@godblesskiddchris: "what, indian per capita income was higher than that of britain in the 17th century?? wtf son"

Google "List of regions by past GDP" and this is what you'll see. I've compared the % of world's GDP India & UK shared starting from 1st century:

1st: India(32.9%), Western Europe(10.8%)

10th: India(28.9%), Western Europe(8.7%)

15th: India(24.5%), UK(1.1%)

16th: India(22.6%), UK(1.8%)

17th: India(22.4%), UK(2.9%)

18th: India(16.0%), UK(5.2%)

[AllieCaulfield]

thanks for the great comments

but you should really post them as replies to the people you are commenting on

godblesskiddchris

canguy22

[NorthwesternerGuy]

true. the spanish security forces have a huge tradition fighting against terrorism. that's another reason why we must be in the g8

[Phead128]

@Itachi18x

EU is just a bunch of countries together. It's not a single, unified state. So clearly, it has no leadership, and if one country says no, who is to stop them? No one!

[canguy22]

@mcaj007

a list like that with nominal gdp would should also be considered since ppp gdp tends to prop up developing countries (with low gdp per capita). in 1970 using the values of the currencies that year rather than some other number that could be a lot different is going to give flawed results.

[canguy22]

@boggypete17

what do you mean North America will fall before Europe ? Europe has done everything to exploit each of its nations to its advantage (making the EU, being able to say the EU is the biggest economy in the world/US+Canada is 8% bigger), if North America did that it would add $3 trillion (Canada 9 Mexico 14) to the US, and Canada has lots of oil and controls the world's gold companies and has the 8th biggest stock exchange (meaning the currency for America would be very strong).

[canguy22]

for the latest data check the page wikipedia nominal gdp estimates.

the source of that information is at the bottom of the page. the imf updates the data a couple times a year.

[canguy22]

@rider4343 2010 nominal gdp estimates from the IMF 2010 nominal gdp estimates imf 1 usa 14,799.564 2 china 5,364.869 3 japan 5,272.943 4 germany 3,332.803 5 france 2,668.794 6 UK 2,222.629 7 Italy 2,121.119 8 Brazil 1,910.495 9 Canada 1,556.035 10 Russia 1,507.590 11 Spain 1,424.687 2015 Canada 1.97 trillion Spain 1.59 trillion keep in mind this is with Canada being a much larger exporter and major energy producer.

[guneetsaini36]

INDIA IS NUMBER 4 .......U IDIOT

[covmatak]

china is growing economically, but the country is still under-developed.

[AlbertodeBenito]

¿Qué pasa con EspaÑa?

Estamos en el G-20 y estaremos pronto en el G-8, somos la 8ª Economía del MUNDO. Y lo escribo en español porque es la primera lengua del MUNDO.

WATH HAPEND WIHT SPAIN?

We are in the G20 and we will are in the G8 in a low time. because we are the 8th larguest economy. SORRY FOR MY ENGLISH