Global Economic Cooperation....G20 Meeting on the way!

I am not going to keep my pleasure a secret! How fitting that we are discussing globalisation and economic integration, whilst under our very noses and in front of our eyes we are witnessing economic events whose impacts are expected to be long-lasting, and perhaps fundamentally change the very nature of the economic system in which we live.

We talk about globalisation, and if you like, you may now say that even regulation is becoming globalised - countries, in the wake of the economic crisis, want to work together more and more, to prevent future problems. Such acts can only serve to economically integrate countries further, albeit without a formal document or agreement.

So my pleasure stems from the fact that all what I speak about in class can be directly connected to the world around us - we are not looking at history, nor are we looking at the future, but today Ladies and Gentlemen. Always take the chance to read and passively learn more - even if you don´t understand everything, constant exposure helps you build knowledge.

A new era of global economic co-operation.


This article written by the British Prime Minister Gordon Brown discusses his (and we can assume the British people) views on what must be done at the upcoming G20 meeting. I want to draw your attention to two parts:

"Now is not the time to lose our focus, however – the recovery is not automatic – rather it is the moment to redouble our efforts. We must not switch off the life support we are giving to our economies. People are still losing their jobs, their homes and – in some cases – their hope and we must not fail them. Complacency is the enemy of recovery.

So at next week's G20 Summit in Pittsburgh concerted international co-operation is again required. To this end, I am proposing a new global compact to entrench economic recovery and secure stability, growth and jobs."


Here, he proposes his idea for a "global compact." Later, he goes on to say......

"Our international financial institutions have a vital role in supporting this drive to recovery and growth, so I have been consulting widely within the G20 and beyond to develop proposals on modernising them.

They must be better placed to meet the challenges of globalisation, promote sustainable global growth and prevent and respond to future crises."

And there you have the connection with globalisation. You see how international institutions, economic globalisation, and the world economy in general, are all connected?

Comments on this article, and an exploration of your own thoughts, are as always most welcome.