July 16, 2009
SEOUL – According to conventional wisdom, the global economic crisis is accelerating the transfer of power and influence from the West to Asia. The United States has been particularly hard hit by the downturn and America’s loss is China’s gain. This shift is transforming international economic decisionmaking. The G8, the traditional locus of power, has been fatally wounded. In the future, goes the argument, the most important forum will be the G20.