Pittsburgh G-20 Summit Favors ‘the Rest’ over the West

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 […]