President Barack Obama and the leaders of 19 other large economies came out of the G-20 summit without many concrete measures – beyond pledging support for hard-hit poor nations – but at least achieved a rhetorical consensus on the need for global cooperation.
Political economist Leo Panitch says that despite the joint statements about the need for a fairer world order, the summit fell far short of what was needed to solve the daunting financial challenges.
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In effect, Panitch says the G-20 leaders were more interested in salvaging the “old new world order” of the 1980s and the 1990s than in addressing the regulatory challenges of the emerging global banking paradigm that has grown beyond the control of nation states.
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