G-20 Summit…Three Steps Backwards: Cavanagh and Broad
World leaders attending last week’s G-20 summit took three big steps backwards with their solutions for solving the current international economic crisis, according to John Cavanagh, director of the Institute for Policy Studies, and Robin Broad, professor of international development at American University. Cavanagh and Broad were disappointed with the results of the summit after leaders had at least asked “many of the right questions” before arriving in London. The leaders arrived ready to discuss three key points: Promoting a “global green stimulus;” crafting global regulations to “close down the casino”—meaning the high-stakes fiscal policies that hedge funds and banks have embraced, creating the current economic mess; and coming up with a “North-South transfer” in which wealthy nations, which started this mess, would provide resources to poor nations affected by the crisis.
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