G8 Countries: The Top Global Economic Powers
The G8 summit (more accurately called the G7 since Russia’s removal), has no legal or political authority, but the topics it chooses to focus on can have an impact on world economies. The group’s president changes annually, and the meeting is held in the home country of that year’s leader.
Origins of the G8
Originally comprised six original countries, with Canada added in 1976 and Russia in 1997
- First summit was held in France in 1975, but a smaller, more informal group met in Washington, D.C two years earlier
- Informally dubbed the Library Group, this meeting was convened by U.S. Treasury Secretary George Shultz, who invited finance ministers from Germany, the UK, and France to meet at the White House with the looming Middle East oil crisis a topic of serious concern
Including other countries in the G20
In 1999, the Group of 20 (G20) was formed in an effort to include developing countries and their economic concerns in the conversation about global issues.
- The insights of the developing nations proved critical during the economic crisis of 2008.
Future Relevance of the G8
Critics believe that despite the fact that G8 has no actual authority, critics believe that the powerful members of the organization could do more to address global problems that affect third world countries