‘Globalisation’ is under attack throughout the world. However, no country has
ever developed successfully without participating actively in the global economy.
Countries and even whole regions that have failed to globalise, or which have
‘de-globalised’, have lagged. What is needed is more openness and better
handling of the major issues of macroeconomic stability and growth. C. Fred
Bergsten argues that the G-7, whose increasingly unrepresentative membership is
eroding the political legitimacy that is essential to win international support and
thus acceptance for many of its proposals, is increasingly unable to manage the
world economy effectively. Instead, it is the wider and more representative G-20
that can best make a major contribution to global macroeconomic stability and
growth, and it should gradually but steadily succeed the G-7 as the informal
steering committee for the world economy.