IG’s Peace Blog

Peace and its many aspects

G-7 musings

Last October I wrote a short post about the current global financial crisis, arguing that peace and prosperity on this planet will require closer policy coordination among all states, and certainly among the most influential.  Well, while I am not necessarily sanguine about the outcome or claiming any status as a prophet, the recent meeting of the G-7 finance ministers did produce some commitment in that direction.  The new U.S. Treasury Secretary Timothy Geithner was quoted by CNN as saying:

“Although the precise mix of measures must be tailored to each country’s situation — our financial systems are different, [the] structures of our systems are very different — there is a common recognition of more capital and government financing to help restart credit markets,”

This is not a done deal, of course, since the forces of protectionism are very much on the loose, and governments will be under a lot of pressure to protect certain companies’ markets, fully knowing that this would cause everybody problems over the medium to long run.  So, this is definitely a watershed for global governance and for world peace and stability–many major wars of the past have been preceded by economic crises.

Personally, I think the way the economic ministers have been obliged to take, at least to some extent, a collective stand confirms what Disney has been telling us for over 40 years:

“It’s a small world after all
It’s a small world after all
It’s a small world after all
It’s a small, small world”

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February 16, 2009 - Posted by | Uncategorized | , , ,

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