The Group of Seven
The Group of seven (G-7) was formed in 1975. It is comprised of seven member countries which include, Canada, United States of America, United Kingdom, France, Italy, Germany, and Japan. The main aim of the organization is to deliberate on global monetary, security, economic and energy policies among other concerns affecting member states and the rest of the world. This paper will critically discuss the advantages and disadvantages of the organization to its member states and the international community.
One of the key advantages of G-7 is that it comprises of member states with the largest economies in the world who share the same ideologies. Due to their common interests, the organization has been able to develop collective actions geared towards solving global crisis successfully. Secondly, the Group of Seven has been able to use the platform to set economic standards that would help balance the world economy. This is done through the standardization of currency rates, developing trade deals among states and controlling tariffs in collaboration with other international organizations (Pospisil, 1417).
Besides the strengths mentioned above, G-7 has lost influence and power over time due to the emergence of new global players. Emerging economies such as China, India, Brazil, and Russia have joined together to form a parallel organization, the G-20 that caters for the welfare of the member states ar…
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