What Was the Group of Eight (G-8)?

The Group of Eight (G-8) was an assembly of the world's largest developed economies that have established a position as pacesetters for the industrialized world. Member countries included the United States, the United Kingdom (U.K.), Canada, Germany, Japan, Italy, France, and Russia. Leaders meet periodically to address international economic and monetary issues.

Russia was suspended indefinitely from the group in 2014 after annexing Crimea, an autonomous republic of Ukraine. The G-8 is now referred to as the G-7 as a result.

Understanding the Group of Eight (G-8)

The G-8 was considered global policymaking at its finest. Member nations wielded significant power because their combined wealth and resources made up roughly half the entire 澳洲幸运5官方开奖结果体彩网:global economy. Leaders from the G-8 nations included presidents, prime ministers, cabinet members, and economic advisors. They assembled in this forum to exchange ideas, brainstorm solution🐲s, and discuss innovative strategies that would benefit each nation as well as the world as a whole.

The group's members occasionally worked together to help resolve global problems. They discussed 澳洲幸运5官方开奖结果体彩网:financial crises, monetary systems, and major world crises like oil shortages, terrorism, and climate change. It's an ongoing mission for the 🐈G-7.

The G-7 holds significant sway but it's not an official, formal entity like the United Nations (UN). It therefore has no legislative or authoritative power. The goal is to find solutions to pressing issues and increase international cooperation, compiling recommended policies and pla𓆉ns that its members can work collaboratively to implement. None of the agreements reached are legally bindiওng, however.

History of the Group of Eight (G-8)

The origins of the group date back to the early 1970s when leaders of the U.S., U.K., France, West Germany, Italy, and Japan met informally in Paris to discuss the 澳洲幸运5官方开奖结果体彩网:recession and 澳洲幸运5官方开奖结果体彩网:oil crisis. New members joined over the years including Canada in 1976 and then Russia in 1997. This lineup of eight countries remained active for 17 years until Russia was expelled in 2014.

Russia was suspended from the group after other members disagreed with its annexation of Crimea, an autonomous republic of Ukraine. Russia announced its intention to permanently withdraw from the G-8 by 2017, bringing the number of active members down to seven.

Special Considerations

The G-8 has become the G-7 without Russia b🍒ut there remains a chance that Russia could rejoin the grou💫p.

U.S. President Donald Trump actively campaigned during his first term to readmit Russia to the organization and to be invited to the G-7 conference in 2020. French President Emmanuel Macron appeared to agree with this idea on the condition that Russian President Vladimir Putin end the Ukrainian conflict. The meeting was ca🍎nceled due to the coronavirus pandemic.

Criticisms of the Group of Eight (G-8)

澳洲幸运5官方开奖结果体彩网:Anticapitalism and 澳洲幸运5官方开奖结果体彩网:antiglobalization protests, some of which have 𒁃turned violent, have become a prominent fixture at G-8 and G-7 summits. Critics often describe the group as a type of rich countries' club that disregards poor nations in favor of pursuing their own intꦓerests.

A lot of complaints have centered around the exclusion of representatives from emerging and developing nations. Critics point out t📖hat these economies play an increasingly important role in the global marketplace yet continue to be shunnဣed by the old guard.

The U.K. and France pushed to include five emerging economies into the group in 2005: Brazil, China, India, Mexico, and South Africa. These countries would join the talks periodically and those meetings were referred to as G-8+5 or G13. The effort was short-lived.

A separate intergovernmental organization known as G-20 was founded in 1999 consisting of the G-7 members, the 澳洲幸运5官方开奖结果体彩网:European Union (EU), and 12 other nations:

• Argentina
• Australia
• Brazil
• China
• India
• Indonesia
• Mexico 
• Russia 
• Saudi Arabia
• South Africa
• South Korea
• Turkey

The G-20 has the mandate to promote global 澳洲幸运5官方开奖结果体彩网:economic growth, 澳洲幸运5官方开奖结果体彩网:international trade, and regulation of 澳洲幸运5官方开奖结果体彩网:financial markets.

The Bottom Line

The Group of Eight (G-8) initially formed as the G-6 in the 1970s. The member countries were the U.S., France, the U.K., Germany, Japan, and Italy. Canada then joined in 1976 followed by Russia in 1997 and the G-8 was born. The G-8 is now the G-7 because Russia was suspended from the group in 2014 after annexing Crimea.

Leaders meet periodically to address international economic and monetary issues. The group's members occasionally work together to help resolve global problems although they have no legislative or authoritative power to enact and enforce change. They meet annually in the summer.