Vocapedia >
Economy > Global economy
G20 Brisbane Summit: What's the point of the G20 anyway?
Video 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
https://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
https://opinionator.blogs.nytimes.com/2014/03/15/
on-the-wrong-side-of-globalization/
https://www.nytimes.com/2013/08/16/
opinion/what-really-ails-detroit.html
https://archive.nytimes.com/economix.blogs.nytimes.com/2012/08/21/
globalization-and-the-income-slowdown/
global economy
https://www.reuters.com/article/GCA-Economy/idUSTRE4A966O
20081110/
global economic powerhouse
USA
https://www.nytimes.com/2013/08/16/
opinion/what-really-ails-detroit.html
worldwide
USA
https://www.nytimes.com/2024/07/05/
business/global-economy-debt-inequality.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://www.reuters.com/article/topNews/idUSTRE49A43L20081012
https://www.wsj.com/articles/BL-WB-6343
https://www.reuters.com/article/topNews/idUSTRE49992Z20081011/
https://www.reuters.com/article/topNews/idUSTRE49999F
20081010/?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
UK
https://www.theguardian.com/world/2002/jun/25/
qanda.globalisation
International Monetary Fund IMF
UK / USA
https://www.theguardian.com/business/imf
https://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
https://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
https://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/2025/02/01/
g-s1-46010/trump-tariffs-mexico-canada-and-china-imports
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
https://www.nytimes.com/2016/11/22/
business/a-trade-war-against-china-might-be-a-fight-trump-couldnt-win.html
https://www.nytimes.com/2012/09/28/
business/global/tomatoes-are-ammunition-for-a-trade-war-between-us-and-mexico.html
trade
trademark
UK
https://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/
USA >
trade gap
UK
https://www.economist.com/unknown/2004/06/22/
how-to-slay-americas-monster-trade-gap
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
http://www.nytimes.com/2008/04/10/business/worldbusiness/10cnd-trade.html
http://www.nytimes.com/2008/01/12/business/11cnd-econ.html
trade gap
keep the imbalance
between
exports and imports in check
stabilize /
level off
stabilization
import
imports
USA
https://www.nytimes.com/2010/09/30/
business/30currency.html
tariffs
USA
https://www.npr.org/2025/02/01/
g-s1-46010/trump-tariffs-mexico-canada-and-china-imports
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
https://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
global supply chain
USA
https://www.nytimes.com/2024/06/24/
business/global-shipping-rates.html
https://www.npr.org/2022/01/05/
1070514847/the-global-supply-chain-arriving-today-christopher-mims
global shipping
prices USA
https://www.nytimes.com/2024/06/24/
business/global-shipping-rates.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
global hunger crisis
https://www.reuters.com/world/
global-hunger-crisis-deepens-major-nations-skimp-aid-2024-12-24/
Integrated Food Security Phase Classification
IPC
a global partnership that’s a linchpin
in today’s vast system for monitoring and
alleviating hunger.
It is designed to sound the alarm
about developing food crises
so organizations can respond and prevent famine
and mass starvation.
https://www.reuters.com/investigates/special-report/
famine-response-overview/ - December 24, 2024
https://www.reuters.com/investigates/special-report/
famine-response-overview/ - December 24, 2024
https://www.reuters.com/investigates/section/
famine/
Corpus of news articles
Economy > Global economy, Globalisation,
Trade, Imports, Exports, Tariffs
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,
https://www.nytimes.com/2013/08/16/
opinion/what-really-ails-detroit.html
Explore more on these topics
Anglonautes > Vocapedia
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cheap labour, forced labour, slavery >
21st century
countries > China
fast fashion vs
sustainable fashion
economy, money,
shopping, bills, taxes,
housing market,
jobs, unemployment,
unions, retirement,
debt,
poverty, hunger,
homelessness
industry, energy, commodities
industry, manufacturing sector, factories
arts / industry > garment factories
transport, travel, tourism
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animals, wildlife,
endangered and extinct species,
resources, agriculture / farming,
population, waste, pollution,
global warming, climate change,
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