The G7 Summit: Less World Government, More Coordination Hub

The G7 is often described as a relic of a past world order. In fact, the international distribution of power has fundamentally changed since the founding of the forum in the mid-1970s. At that time, the leading Western industrial nations accounted for the overwhelming majority of global economic output. Today, alongside the traditional economic powers, China, India, and numerous emerging markets shape the development of the world economy. Nevertheless, it would be premature to write off the influence of the G7. Although its relative share of global economic output has ...