G20 Meeting

Capitalism Should Be Nicer

G20 Finance Ministers and Central Bank Governors Meeting in Cheng
G20 finance ministers talked about new ways to share out the benefits of globalization.
  • Why it matters

    Why it matters

    Populists and radical-right politicians are drawing much support from people who feel they are victims of globalization. An embrace of a more compassionate form of capitalism by the world’s biggest economies might help counter that political movement.

  • Facts

    Facts

    • Finance ministers and central bankers from the world’s 20 biggest economies met July 22-23 in Chengdu, China.
    • The effect of Britain’s vote to leave the European Union and fears of increasing protectionism were among the top topics at the Group of 20 meeting.
    • In 2017, Germany will take over the G20’s presidency, and the group’s next summit meeting of heads of states and governments is set for next July in Hamburg.
  • Audio

    Audio

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Last Saturday, in a windowless room thousands of miles from Berlin, a sentence was spoken that could change the world: “The benefits of growth need to be shared more broadly within and among countries to promote inclusiveness.”

What is sensational is not the statement itself but the person who made it. Nor was it at an activist convention or Social Democratic Party congress but at a meeting of some of the world’s most powerful people: the G20 summit.

As the central message in the group’s final declaration, it is something like a policy statement. It announces an political undertaking on a large scale: the social-democratization of the global economy – to stop the world from falling into the hands of populists.

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