This paper discusses the power held by the developed nations over the developing world.
Written in 2008; 861 words; 2 sources; APA; $ 30.95
Paper Summary:
In this article, the writer notes that the G7 nations of Canada, France, Germany, Great Britain, Italy, Japan, and the United States remain some of the most powerful economic forces in the world today, yet they seem unable to exert any real pressure upon China according to Reuters reporter Louise Egan. Their conflict with China over China's currency value exemplifies the greater power held by developing nations in the current world economy. The writer points out that despite increasing pressure from the G7 nations to ensure that China's currency more accurately reflect its real value, China seems unlikely to allow its currency rise according to G7 demands.
From the Paper:
"Once upon a time when the U.S. caught an 'economic cold,' the rest of the world, particularly the G24 nations would catch the flu. Now that has changed. Furthermore, of the powerful, developed nations, the EU block countries rather than America and Japan exercise more dominance and have more confidence in the wake of difficulties when negotiating with the developing world.
"The IMF has been somewhat caught in the middle of this war between the G7 and G24 war for dominance. Because it has an inclusive membership policy for all nations, it strives to be accommodating rather than polarizing, especially after it was criticized for being unduly harsh to developing nations when they were suffering their own financial difficulties. "
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