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Vocapedia > Economy > Global economy, globalisation, Trade, Imports, Exports, Tariffs

 

 

 

 

G20 Brisbane Summit: What's the point of the G20 anyway? | Guardian Explainers        13 November 2014

 

Why does the G20 - meeting this year in Brisbane, Australia - exist?

 

And what's it supposed to do?

The group is a forum for the governments

and central bank governors

from 20 major economies.

 

The members include 19 individual countries:

Argentina, Australia, Brazil, Canada, China,

France, Germany, India, Indonesia, Italy,

Japan, South Korea, Mexico, Russia,

Saudi Arabia, South Africa, Turkey,

the United Kingdom and the United States,

plus the European Union.

 

YouTube

https://www.youtube.com/watch?v=1v5Qx1E-Vc4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

globalization        UK

https://www.theguardian.com/commentisfree/2016/nov/16/
globalization-trump-inequality-thomas-piketty

 

 

 

 

globalization        USA

http://www.npr.org/2017/02/28/
517565701/trumps-america-first-agenda-marks-sharp-break-in-u-s-economic-policy

https://www.nytimes.com/2017/01/25/
technology/personaltech/how-to-make-americas-robots-great-again.html

 

http://opinionator.blogs.nytimes.com/2014/03/15/
on-the-wrong-side-of-globalization/

 

http://www.nytimes.com/2013/08/16/
opinion/what-really-ails-detroit.html

 

http://economix.blogs.nytimes.com/2012/08/21/
globalization-and-the-income-slowdown/

 

 

 

 

global economy        2008

http://www.reuters.com/article/GCA-Economy/idUSTRE4A966O20081110

 

 

 

 

global economic powerhouse        USA

http://www.nytimes.com/2013/08/16/
opinion/what-really-ails-detroit.html

 

 

 

 

inequality        USA

http://www.npr.org/sections/goatsandsoda/2017/01/25/
511594991/what-the-stat-about-the-8-richest-men-doesnt-tell-us-about-inequality

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

China        USA

https://www.npr.org/2018/03/08/
591637097/china-churns-out-half-the-worlds-steel-and-other-steelmakers-feel-pinched

 

https://www.npr.org/sections/parallels/2017/11/08/
562520694/shaky-u-s-china-trade-relationship-will-top-trumps-agenda-in-beijing

http://www.npr.org/sections/thetwo-way/2017/09/22/
552961170/ruling-finds-solar-panels-from-china-hurt-u-s-maker

http://www.npr.org/2017/08/14/
543416396/trump-turns-to-43-year-old-america-first-trade-law-to-pressure-china

https://www.nytimes.com/2017/04/08/
business/china-trade-solar-panels.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

outsourcing        USA

http://www.nytimes.com/2013/08/16/
opinion/what-really-ails-detroit.html

 

 

 

 

outsourced        USA

http://www.npr.org/sections/alltechconsidered/2016/12/27/
507098713/outsourced-in-a-twist-some-san-francisco-tech-jobs-are-moving-to-india

 

 

 

 

global trading system

 

 

 

 

global financial system

 

 

 

 

lacklustre global economy

 

 

 

 

global economic disaster

 

 

 

 

world economy

 

 

 

 

buy American        USA

http://www.npr.org/2017/04/17/
524422344/new-trump-order-extends-buy-american-and-hire-american-rules

 

 

 

 

wealth        UK

http://www.guardian.co.uk/business/2008/dec/28/uk-
economy-recession-gdp-2009

 

 

 

 

wealthy countries

 

 

 

 

poor countries

 

 

 

 

the world's poorest countries

 

 

 

 

debt relief

 

 

 

 

G7 / Group of Seven / the Group of Seven economic powers

 

 

 

 

at a meeting

of the Group of Seven major economic powers

 

 

 

 

cut / reduce global economic imbalances

 

 

 

 

G7

G-7 nations / the world's richest nations / the world's major economies

the U.S., Canada, France, Germany, Italy, Japan and the U.K.

http://topics.nytimes.com/top/reference/timestopics/organizations/g/
group_of_seven/index.html   

 

http://www.reuters.com/article/topNews/idUSTRE49A43L20081012

http://blogs.wsj.com/washwire/2008/10/11/bush-statement-on-financial-crisis/

http://www.reuters.com/article/topNews/idUSTRE49992Z20081011

http://www.reuters.com/article/topNews/idUSTRE49999F20081010?virtualBrandChannel=10112

 

 

 

 

G8

http://news.bbc.co.uk/2/hi/americas/country_profiles/3777557.stm

 

 

 

 

G-20        USA        2017

https://www.nytimes.com/2017/07/07/
opinion/why-the-g-20-matters.html

https://www.nytimes.com/video/world/europe/
100000005223084/g20-summit-protests-germany.html - July 6, 2017

 

 

 

 

G-20        2014

https://www.youtube.com/watch?v=1v5Qx1E-Vc4

 

 

 

 

G-20        USA        2013

http://www.nytimes.com/2013/09/06/
business/global/plan-at-g-20-is-to-tighten-global-rules-on-taxes.html

 

 

 

 

Group of Twenty        G20        2009-2010

http://www.nytimes.com/topic/organization/group-of-20

 

http://www.boston.com/bigpicture/2010/06/g20_protests_in_toronto.html

http://www.guardian.co.uk/world/2010/jun/28/g20-commits-to-halving-budgets

http://www.nytimes.com/2010/06/28/business/global/28summit.html

http://www.nytimes.com/2010/06/28/world/americas/28security.html

http://www.nytimes.com/2010/06/27/business/global/27summit.html

http://www.nytimes.com/reuters/2010/06/26/news/news-us-g20.html

 

http://www.nytimes.com/2009/09/26/world/26summit.html

 

 

 

 

G-20 / G20        2008

https://www.nytimes.com/topic/organization/group-of-20 

 

http://www.nytimes.com/2008/11/16/business/worldbusiness/16summit.html

http://www.nytimes.com/2008/11/16/washington/summit-text.html?ref=worldbusiness

http://www.reuters.com/article/GCA-Economy/idUSTRE4A966O20081110

http://www.reuters.com/news/factbox?fj=20081110195815.js&fn=The%20Day%20Ahead:%20Tuesday

http://blogs.wsj.com/washwire/2008/10/11/financial-crisis-emphasizes-importance-of-g-20/

 

 

 

 

the G8 group of industrialised countries        UK

https://www.theguardian.com/politics/2007/apr/25/uk.
development 

 

 

 

 

G8 summit

https://www.theguardian.com/world/2002/jun/25/
qanda.globalisation

 

 

 

 

International Monetary Fund    IMF

http://www.imf.org/external/index.htm

http://www.guardian.co.uk/business/imf

http://www.nytimes.com/topic/organization/international-monetary-fund

 

http://www.guardian.co.uk/business/2012/oct/03/imf-global-economy-warning

http://www.guardian.co.uk/business/2012/jan/20/austerity-warning-international-monetary-fund

 

http://www.guardian.co.uk/business/2011/dec/15/imf-world-risks-1930s-style-slump

http://www.nytimes.com/2011/09/21/business/global/imf-slashes-growth-outlook-for-us-and-europe.html

http://www.reuters.com/article/2011/06/17/us-imf-idUSTRE75G2VD20110617

 

http://www.guardian.co.uk/world/2010/nov/18/ireland-imf-bailout-mixed-feelings

http://www.nytimes.com/2010/07/09/business/global/09imf.html

http://www.reuters.com/article/newsOne/idUSTRE5291O520090310

 

http://www.guardian.co.uk/world/2008/nov/02/saudiarabia-creditcrunch

http://www.reuters.com/article/topNews/idUKTRE49A45B20081011?virtualBrandChannel=10338

http://www.guardian.co.uk/business/2008/apr/09/creditcrunch.economy1

 

http://www.theguardian.com/world/2001/sep/07/globalisation.qanda

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

trade        USA

https://www.npr.org/2018/03/10/
592450875/trade-is-an-identity-issue-and-trump-knows-it

 

http://www.npr.org/2017/04/07/
522879370/trump-can-t-bring-all-those-jobs-back-from-china-here-s-what-he-can-do

https://www.nytimes.com/interactive/2017/
business/trade-china-protectionism.html

 

http://www.nytimes.com/2008/12/10/
opinion/10turow.html

 

 

 

 

trade policies        USA

https://www.npr.org/2018/08/10/
637206257/from-mills-to-manufacturers-steel-tariffs-produce-winners-and-losers

 

 

 

 

international trade

1 Million U.S. Factory Jobs

Lost To Trade With China        NPR        USA        2016

http://www.npr.org/2016/04/18/
474393701/china-killed-1-million-u-s-jobs-but-don-t-blame-trade-deals

 

 

 

 

global trade > jobs        USA

https://www.nytimes.com/2017/08/06/
business/economy/chattanooga-foreign-investment.html

 

 

 

 

free trade        USA

http://www.nytimes.com/2014/04/02/
opinion/edsall-is-the-american-middle-class-losing-out-to-china-and-india.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

trade sanctions        USA

http://www.npr.org/2017/08/14/
543416396/trump-turns-to-43-year-old-america-first-trade-law-to-pressure-china

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

trade deals > North American Free Trade Agreement    NAFTA        USA

 treaty between the U.S., Mexico and Canada

 

https://www.npr.org/2018/02/26/
583943580/automakers-say-trumps-anti-nafta-push-could-upend-their-industry

 

 

 

 

http://www.npr.org/sections/thetwo-way/2017/05/18/
528956001/trump-administration-says-it-will-launch-nafta-renegotiation

 

http://www.npr.org/2017/04/27/
525920241/with-billions-at-stake-trump-agrees-to-mend-nafta-not-end-it

 

http://www.npr.org/2017/03/30/
522091641/trumps-draft-proposal-makes-tweaks-to-nafta

 

http://www.npr.org/sections/thesalt/2017/02/16/
515380213/why-ditching-nafta-could-hurt-americas-farmers-more-than-mexicos

 

 

 

 

http://www.npr.org/sections/thetwo-way/2016/11/11/
501732648/after-22-years-is-nafta-headed-back-to-the-drawing-board

 

http://www.npr.org/2016/04/18/
473862097/trade-matters-in-2016-this-may-help-you-understand-why

 

 

 

 

 

 

 

 

 

 

 

 

 

 

trade deal        USA

 

http://www.npr.org/sections/thesalt/2017/05/12/
528139468/chinese-chicken-is-headed-to-america-but-its-really-all-about-beef

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

trade war        USA

 

 

https://www.npr.org/2019/08/27/
754777224/u-s-companies-in-china-get-caught-in-the-trade-war-crossfire

 

https://www.npr.org/2019/08/26/
753145197/chinas-vice-premier-calls-for-calm-in-u-s-talks-hawks-want-a-war-of-attrition

 

https://www.npr.org/2019/05/20/
724357301/in-trumps-trade-war-americans-will-be-asked-to-show-economic-patriotism

 

 

 

 

https://www.nytimes.com/2018/07/05/
opinion/trump-trade-war-harley-davidson.html

 

https://www.npr.org/2018/07/06/
626453571/china-says-u-s-has-begun-largest-trade-war-in-history-retaliates-with-tariffs

 

https://www.npr.org/2018/03/02/
590384241/economists-worry-steel-and-aluminum-tariffs-could-start-trade-war

 

 

 

 

http://www.nytimes.com/2016/11/22/
business/a-trade-war-against-china-might-be-a-fight-trump-couldnt-win.html

 

 

 

 

http://www.nytimes.com/2012/09/28/
business/global/tomatoes-are-ammunition-for-a-trade-war-between-us-and-mexico.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

trade

 

 

 

 

trademark        UK

http://www.theguardian.com/media/2007/feb/05/
digitalmedia.musicnews 

 

 

 

 

fair trade

 

 

 

 

global trading system

 

 

 

 

trade barriers

 

 

 

 

rebound in world trade

 

 

 

 

trend

 

 

 

 

underlying trend

 

 

 

 

trade area

 

 

 

 

Trans-Pacific Partnership    TPP

http://opinionator.blogs.nytimes.com/2014/03/15/
on-the-wrong-side-of-globalization/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

trade gap        UK

http://www.economist.com/node/2784281

 

 

 

 

the USA's trade deficit / U.S. trade deficit        USA

 

The gap between

what Americans import and export

 

https://www.npr.org/2019/03/06/
700650144/despite-trumps-promises-the-trade-deficit-is-only-getting-wider

 

http://www.nytimes.com/2010/09/17/opinion/l17trade.html

http://www.nytimes.com/2010/09/10/opinion/10Tonelson.html

http://www.nytimes.com/2010/04/14/business/economy/14econ.html

https://www.bea.gov/newsreleases/international/trade/2010/pdf/trad0710.pdf 

https://www.bea.gov/newsreleases/international/trade/tradnewsrelease.htm 

 

http://www.nytimes.com/2008/04/10/business/worldbusiness/10cnd-trade.html

http://www.nytimes.com/2008/01/12/business/11cnd-econ.html

http://www.usatoday.com/money/economy/2008-01-11-trade_N.htm

 

http://www.usatoday.com/money/world/2006-12-12-trade-deficit-oct_x.htm

 

 

 

 

trade gap        USA        2006

http://www.usatoday.com/money/economy/trade/2007-02-13-
trade-gap_x.htm

 

 

 

 

keep the imbalance

between exports and imports in check

 

 

 

 

stabilize / level off

 

 

 

 

stabilization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

import

 

 

 

 

imports        USA

http://www.nytimes.com/2010/09/30/
business/30currency.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

tariffs        USA

 

https://www.npr.org/2019/10/16/
768553956/the-goldfish-tariff-fancy-pet-fish-among-the-stranger-casualties-of-the-trade-wa

 

https://www.npr.org/2019/08/02/
747713371/get-ready-for-higher-prices-if-new-tariffs-hit-goods-from-china-retailers-warn

 

https://www.npr.org/2019/05/18/
724286756/for-one-u-s-bike-maker-tariffs-are-a-mixed-bag

 

https://www.npr.org/2019/04/09/
711001915/tariffs-complex-ripple-effects-hit-appliance-shoppers-and-makers

 

 

 

 

https://www.npr.org/2018/08/10/
637206257/from-mills-to-manufacturers-steel-tariffs-produce-winners-and-losers

https://www.npr.org/2018/07/24/
631813137/tariffs-are-having-a-chilling-effect-on-more-u-s-businesses

https://www.npr.org/2018/07/02/
625363659/moog-says-chinese-tariffs-may-force-a-move-overseas

https://www.npr.org/2018/03/02/
590384241/economists-worry-steel-and-aluminum-tariffs-could-start-trade-war

 

https://www.nytimes.com/interactive/2017/
business/trade-china-protectionism.html

 

http://www.nytimes.com/2010/09/30/
business/30currency.html

 

 

 

 

 

 

 

tariffs on Chinese products

 

https://www.npr.org/2018/07/02/
625363659/moog-says-chinese-tariffs-may-force-a-move-overseas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

export

 

 

 

 

exports        USA

http://www.nytimes.com/2011/02/13/us/
politics/13agriculture.html

 

 

 

 

rise in exports        USA

http://www.nytimes.com/2008/01/12/
business/11cnd-econ.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

anti-globalisation group

 

 

 

 

Ian Tomlinson         7 February 1962 - 1 April 2009

 

Tomlinson,

who was not part

of the G-20 London demonstration,

was struck from behind

and pushed to the ground

by baton-wielding police

https://www.theguardian.com/uk/
g20-police-assault-ian-tomlinson

 

https://www.theguardian.com/uk/2011/oct/17/
police-officer-ian-tomlinson-g20 

http://www.guardian.co.uk/uk/2011/may/24/tomlinson-police-officer-manslaughter-trial

http://www.guardian.co.uk/uk/2011/may/24/dpp-statement-prosecute-simon-harwood

http://www.guardian.co.uk/uk/2011/may/03/ian-tomlinson-simon-harwood-prosecution

http://www.guardian.co.uk/uk/blog/2011/may/03/ian-tomlinson-inquest-verdict-live-blog

http://www.guardian.co.uk/uk/2011/may/03/ian-tomlinson-profile-humble-man

http://www.guardian.co.uk/uk/2011/may/03/ian-tomlinson-verdict-jury-decision

http://www.guardian.co.uk/uk/interactive/2011/may/03/ian-tomlinson-last-minutes-video

http://www.guardian.co.uk/uk/2011/apr/28/ian-tomlinson-inquest-jury-verdict

http://www.guardian.co.uk/uk/2011/apr/18/ian-tomlinson-inquest-death-heart-attack-disputed

http://www.guardian.co.uk/uk/2011/apr/15/ian-tomlinson-g20-inquest-death

http://www.guardian.co.uk/uk/2011/apr/07/ian-tomlinson-last-words-g20

http://www.guardian.co.uk/uk/2011/apr/04/ian-tomlinson-inquest-simon-harwood

https://www.theguardian.com/world/2011/apr/01/
tomlinson-inquest-officer-shocked-push 

 

https://www.theguardian.com/uk/video/2009/apr/21/
g20-ian-tomlinson-new-video

 

 

 

 

 

 

 

 

 

 

 

 

 

 

protectionism        USA

https://www.nytimes.com/interactive/2017/
business/trade-china-protectionism.html

 

 

 

 

 

 

 

 

 

What Really Ails Detroit

 

August 15, 2013

The New York Times

By STEPHAN RICHTER

 

IS Detroit’s collapse the story of one American city gone awry? Or is it indicative of a more profound nationwide problem? The facts point to the latter.

Though Detroit’s bankruptcy is exceptional in many ways — notably, its size and its disproportionate impact on African-Americans — the overall decline of America’s manufacturing centers is evident in the deterioration of many smaller cities and towns throughout the Midwest and Northeast.

What accounts for this sad turn of events?

The traditional narrative holds that globalization, outsourcing and, after 2007, the recession have been responsible for devastating American manufacturing by moving jobs out of the country in enormous numbers. But at best, that is a convenient half-truth.

American manufacturing has been in trouble even since its heyday, in the 1950s and 1960s, when the United States was the global economic powerhouse and American assembly-line workers earned very decent middle-class wages.

That era of prosperity was not, as is so often claimed, the manifestation of the American dream. Rather, it was, or should have been, a warning sign that America was riding a fleeting wave of progress. Almost nobody was looking hard enough to the future and asking what it would take to sustain success.

The reason so many manufacturing-sector workers in the United States received such high pay at that time was not that they had exceptional skills or had received superior training; it was that the corporations for which they worked were unsurpassed in their dominance and generated huge revenues.

But that dominance was, to a considerable degree, a momentary quirk of history: the absence, in the wake of World War II, of any real competition from other nations. Once foreign competition was re-established, in Europe and Asia, only the superior skills of a nation’s workers and a focus on long-term workers’ training would allow a country to stay ahead.

For the United States, the day of reckoning came as other nations recovered from the war. In the 1970s, for example, American car manufacturers began facing competition on their home soil for the first time. Belittling the Japanese and their funny little cars was not an effective competitive response, though not for want of trying.

In that moment, American companies, communities and employees should have started taking the competition seriously. That did not happen. Companies like General Motors continued to shower blue-collar workers with handsome pay and benefits.

Who was to blame for this? Not the unions. They did what they were supposed to do: ask for higher pay and more benefits. No, the fault lay with the top corporate managers: it was their job, as capitalists, to deny such increases if they were not justified by productivity trends.

But with a fatal arrogance, executives at American manufacturing companies did allow those increases, in part to maintain a society of contented, trouble-free workers, though executives would also use those increases as cover for their own rapidly swelling compensation. In the 1960s, the average compensation of an American C.E.O. was about 25 times the average compensation of a production worker. That ratio rose to about 70 times by the end of the 1980s, and to around 250 times these days.

It is tragic to hear voices from Detroit declaring themselves ready for a resuscitation of the city. Revival is a question not just of will but also of the available skills base, which unfortunately has deteriorated as a result of a failure to invest in training.

That skills deteriorated is, to a considerable extent, the fault of the unions. Unfortunately, they shared the management class’s shortsighted focus on extracting the maximum amount of compensation from companies, even in the face of the underlying businesses’ failing strength.

Developing the necessary skills base is not a short-term project. It requires decades of concerted effort on many fronts, by many national, regional and local actors, including collaboration among companies, government, trade associations, schools, colleges and universities.

This kind of common purpose, however, is not something that American society, with its ethos of individualism and personal independence, seems capable of undertaking. Doing the right thing for the long haul is typically put off for a later time, if it ever happens.

That such a “strategy” is self-defeating ought to be obvious. Sadly, it is not — not in an instant-gratification world.

Globalization, in many ways, serves as an early warning system for the changes required in a domestic society. No society should have been better prepared to utilize this tool than the United States, given its traditional — but at least for now largely lost — proclivity to embrace change. That it didn’t work out that way is a tragedy of the nation’s own making.

 

Stephan Richter is publisher of The Globalist,

an online magazine.

What Really Ails Detroit,
NYT,
15.8.2013,
http://www.nytimes.com/2013/08/16/
opinion/what-really-ails-detroit.html

 

 

 

 

 

 

 

 

 

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