“It has become a cliché to suggest that the world’s institutional approaches to economic co-operation need overhauling to take into account the rising economic clout of emerging markets and the decline in dominance of the group of seven leading industrialised nations (G7). This is correct. The steps taken so far – the initiation of the G-20 during the 1990s and the adjustments of voting shares in international financial institutions – are valuable if insufficient.”
Lawrence Summers, member of the Belfer Center’s Board of Directors, wrote “The global consensus on trade is unraveling,” which was published in the Financial Times on August 25, 2008.
For the full oped, go to: http://belfercenter.ksg.harvard.edu/publication/18500/global_consensus_on_trade_is_unraveling.html