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The Group of Seven

The Group of Seven New Political Economy, Vol. 13, No. 1, March 2008 GLOBAL MONITOR ANDREW BAKER It is entirely appropriate to question whether the Group of Seven (G7) should even feature in this Global Monitor series. The series has provided updates, commen- tary and analysis of institutions involved in global economic governance, but by no conventional measure or definition is the ‘G7 process’ an institution. It has no official legal status, no permanent home base and no secretariat, and, as the late Michael Hodges wryly remarked, it has neither a pension plan nor a cafeteria. Rather the ‘G7 process’ consists of a regular cycle of informal meetings, inter- actions and exchanges between finance ministries and central banks from the G7 countries (Canada, France, Germany, Italy, Japan, the UK and the USA). Yet the G7 has come to be conceived as a crucially important agent of global econ- omic governance, both by the public at large (especially NGOs that continue to shadow G7 meetings) and by the academic community. Most notably in the latter case, it has become commonplace in critical international political economy to refer to a ‘G7 nexus’ that sits at ‘the apex of an ongoing differentiated process of neo-liberal consensus http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png New Political Economy Taylor & Francis

The Group of Seven

New Political Economy , Volume 13 (1): 13 – Mar 1, 2008
13 pages

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References (29)

Publisher
Taylor & Francis
Copyright
Copyright Taylor & Francis Group, LLC
ISSN
1469-9923
eISSN
1356-3467
DOI
10.1080/13563460701859843
Publisher site
See Article on Publisher Site

Abstract

New Political Economy, Vol. 13, No. 1, March 2008 GLOBAL MONITOR ANDREW BAKER It is entirely appropriate to question whether the Group of Seven (G7) should even feature in this Global Monitor series. The series has provided updates, commen- tary and analysis of institutions involved in global economic governance, but by no conventional measure or definition is the ‘G7 process’ an institution. It has no official legal status, no permanent home base and no secretariat, and, as the late Michael Hodges wryly remarked, it has neither a pension plan nor a cafeteria. Rather the ‘G7 process’ consists of a regular cycle of informal meetings, inter- actions and exchanges between finance ministries and central banks from the G7 countries (Canada, France, Germany, Italy, Japan, the UK and the USA). Yet the G7 has come to be conceived as a crucially important agent of global econ- omic governance, both by the public at large (especially NGOs that continue to shadow G7 meetings) and by the academic community. Most notably in the latter case, it has become commonplace in critical international political economy to refer to a ‘G7 nexus’ that sits at ‘the apex of an ongoing differentiated process of neo-liberal consensus

Journal

New Political EconomyTaylor & Francis

Published: Mar 1, 2008

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