"G" who? 100409

Trying to decode world economic relations is more than a little confusing. For much of the latter half of the 20th century the G7 has ruled economic policies for the world.

Now here is the scorecard:
G6, A meeting of finance ministers of France, Germany, Italy, Japan, United Kingdom, and the United States, when Canada was added in 1976 it became the G7. Not to be confused with the more recent G6 of the United States, European Union, Brazil, India, Japan, Australia).

G8, The annual meeting of the heads of government of the above nations, plus Russia.

G8 +5, The above plus Brazil, China, India, Mexico and South Africa (known as the outreach five.

G20, Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom and United States of America. The European Union gets the 20th seat. The participating countries represent 85% of global GNP, 80% of world trade and two-thirds of the world’s people. The G20 was established in 1999 to discuss key issues of the global economy to “reduce the world economy’s susceptibility to crises.” The G20 has become increasingly important as the leader in the economic decision process.

G33, Industrialized nations of: Argentina, Australia, Belgium, Brazil, Canada, Chile, China, Côte d’Ivoire, Egypt, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Malaysia, Mexico, Morocco, Netherlands, Poland, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Kingdom and United States. The G33 preceded the G20 but followed the G22

N-11, How did an “N” get in there? These are countries that Goldman Sachs considers to have a high potential of becoming the world’s largest economies this century: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam. Interestingly most are not included in the “G” negoiations.

D8, Eight developing Muslim nations: Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

G11, Back to the “Gs”. Jordan, Croatia, Ecuador, Georgia, El Salvador, Honduras, Indonesia, Morocco, Pakistan, Paraguay and Sri Lanka a forum for developing countries who are desperate to get out of debt and lift their millions out of poverty.

G20, (Another one) A group of developing countries which currently it has 23 members: Argentina, Bolivia, Brazil, Chile, China, Cuba, Ecuador, Egypt, Guatemala, India, Indonesia, Mexico, Nigeria, Pakistan, Paraguay, Peru, Philippines, South Africa, Tanzania, Thailand, Uruguay, Venezuela and Zimbabwe. Its core leadership (the G4 bloc) comprises Brazil, China, India and South Africa.
G33, (Also another one) Developing countries: of Antigua & Barbuda, Barbados, Belize, Benin, Botswana, China, Côte d’Ivoire, Cuba, Democratic Republic of the Congo, Dominican Republic, El Salvador, Grenada, Guyana, Guatemala, Haiti, Honduras, India, Indonesia, Jamaica, Kenya, Laos, Mauritius, Madagascar, Mongolia, Mozambique, Nicaragua, Nigeria, Pakistan, Panama, Peru, Philippines, St Kitts & Nevis, St Lucia, St Vincent & the Grenadines, Senegal, South Korea, Sri Lanka, Suriname, Tanzania, Trinidad & Tobago, Turkey, Uganda, Zambia and Zimbabwe, that coordinate on trade and economic issues.

G4, (Starting over?) India, Germany, Japan and Brazil for the purpose of supporting each other's bid for permanent seats on the United Nations Security Council. Not economics just a plea for power sharing.

G4, (Another one not to be confused with the above or the G4 bloc of the G20.) An American proposal to replace the G7 with an organization of only the largest global economies: America, China, Eurozone and Japan. Long time American supporter the United Kingdom strongly opposes losing its seat at the foot of the table. Germany is also reluctant to give up its seat and proposed that the G7 serve to guide the G20. Canada would also lose its seat but strongly support G20 policy dominance.

G2, The latest American proposal that places the United States and China at the helm of world economic affairs. This proposal has been strongly rejected by China who also supports a larger policy body such as the G20.

Gee, it’s no wonder the world’s economic system had a nervous breakdown. The recent breakdown began with the United States excessive domestic debt, which brought down foreign debt holders. It is probable that American policy makers were so busy rushing around the meeting and arguing contradicting policies at each “G” they failed to watch the home front. The last two proposal appear to be an American effort to institutionalize its roll as world economic arbiter before it to is forced to the foot of the table by growing 21st century economies.