Signs of Change
A “peaceful revolution” as epochal as that of 1989/90 seems to be taking place at the G20 Summit!
Characteristically for the present moment in history, this clap of thunder seems to be going largely unnoticed by the public, whose eyes are riveted on the ritualistic re-enactment of “protest for change” by some nostalgic definition and the equally archaic police reaction thereto taking place outside.
According to the German online magazine “Spiegel Online“, …
on the eve of the Hamburg G20 Summit the economic balance between the G7 and the BRICS States has reached equilibrium, whilst the US contribution to world trade has declined significantly in recent decades. Coupled with the current lack of unison between the G7 and the US, the stage is set for greater influence by non-Western economies in determining future international trade policy.
The refusal of the non-NATO powers to support further sanctions against the Russian Federation (demanded by the West due to the West’s disgruntlement over the botched NATO expansion to the Russian border resulting in defacto Russian protectorship of Crimea), while on the fringe of G20 Russia, China, India and several other states have gone further to set the groundwork for a development bank that could diminish the influence of the World Bank, may be indicative of increasing pluralistic world economic policy.
Referenced article: Bidder, Benjamin: Wirtschaftskraft der G20, Die Bedeutung des Westens schrumpft In: Spiegel Online (Nachrichten > Wirtschaft). Date: 05 Jun 2017 23:22h. URL: http://www.spiegel.de/wirtschaft/g20-laender-so-stark-schrumpft-die-bedeutung-der-g7-a-1155920.html. Last viewed: 06 Jun 2017.
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