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Pittsburgh G-20 Summit Favors 'the Rest' over the West

Monday, Sept. 28, 2009

After two days of high-profile meetings and deliberation last week, the G-20 managed to make official something everyone already knew: the United States and Europe can no longer effectively manage the whims of the global economy on their own. To that end, the group reached consensus on two major fronts: 1) the more diverse G-20 should effectively replace the Western-dominated G-8 as the world's primary economic coordinating body; and, 2) voting power within the IMF should be reformed to give greater voice to emerging powers.

Stop the presses, right? Yes and no. This is big news, but not necessarily new news. ...

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