Row: Links for 28th July 2019

  1. “Until the 1985 Plaza Accord no one outside a tight official circle knew when the seven finance ministers met or what they agreed upon. The summit was announced the day before and a communiqué was issued afterwards.”
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    Today’s articles are about the G-7. Its history, its purpose, and its shortcomings. The excerpt above is from the Wikipedia article about the G-7’s formation. I learnt today that it was earlier called the Library Group.
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  2. “They have similar names and similar functions. While the G7 mainly has to do with politics, the G20 is a broader group that focuses on the global economy. It’s also known as the “Summit on Financial Markets and the World Economy” and represents 80% of global GDP.”
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    Time Magazine explains the difference between the G-7 and the G-20. That last sentence is a useful way to understand the 80-20 rule, by the way.
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  3. “In addition to its internal divisions, the G7 is no longer as influential as it once was, many analysts note. Some argue that without China and other emerging global powers, the group lacks relevance. In 2018, Jim O’Neill and Alessio Terzi of the European research institute Bruegel wrote that the G7, “in its current formulation, no longer has a reason to exist, and it should be replaced with a more representative group of countries.””
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    CFR weighs in on the future of the G-7, and finds it to be pretty bleak. Worth reading for the charts alone.
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  4. “Some enterprising chronicler of the leisure industry should surely write a full account of the importance of hotels in political history. After all, now that the president of the United States is a hotel tycoon, and is seemingly always keen to use politics and diplomacy to advance his hotel-building business plans, the interface between hotels and politics has rarely been more relevant.”
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    Martin Kettle in the Guardian, in a snarky but informative piece about the roles that hotels have played in important historic events, including snippets about hotels in Biarritz.
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  5. A list of other country groupings from Wikipedia. I cannot believe they didn’t think of a way to turn CAME into CAMEL.