The G20 on Shaky Ground
Although fair and free trade is one of the G20’s guiding principles, protectionism has re-emerged in many member states in recent years. Lawrence Summers, one of the G20’s architects, discusses the group’s evolution since it was established nearly 20 years ago, and some of the most pressing issues confronting it now.
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Transcript
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Elmira Bayrasli: Last week, Japan hosted the G20 summit, which convenes leaders of the world's largest economies. While the G20 has been around since 1999, the first summit with world leaders took place just over a decade ago, in 2008, in the middle of the global financial crisis.
Elmira Bayrasli: Fair and free trade has been a guiding principle of the G20 since its outset. For the past several years, however, protectionism has re-emerged in many G20 economies, and is currently fueling a highly-damaging trade war between the world's two largest economies: China and the United States.
Larry Summers: Hello.