UofT G8 Information Centre: G8 and Global Governance Series

Edited by
MICHAEL J. HODGES
London School of Economics and Political Science
JOHN J. KIRTON
University of Toronto
JOSEPH P. DANIELS
Marquette University

1. The Role of the G8 in the New Millennium
John J. Kirton and Joseph P. Daniels

Table 1.1 Models of G7/8 Co-operation and Compliance
Table 3.1 Participation in the G7 Summit, 1975-
Table 3.2 The G7 Agenda, 1989-96
Table 3.3 The G7's Microeconomic Agenda, 1988-96
Table 3.4 The G7 System of Institutions
Table 3.5 Ministers Involved in G7 Forums, 1975-
Table 3.6 Co-operative Achievements of G7 Summits, 1988-97
Table 3.7 Real GDP
Table 3.8 Relative Capability of Major Powers in the International System, 1950-96
Table 3.9 Merchandise Exports and Trade Openness, 1997
Table 3.10 Official Aid Expenditures, 1993, 1997
Table 3.11 Intra-G7 Exports, 1975, 1990, 1995
Table 3.12 Intra-G7 FDI Stock, 1982-94
Table 5.1 Average, Standard Deviation and Number of Scores for 1975-89 Economic Summit Undertakings
Table 8.1 Investment Fund Manager Portfolios
Table 10.1 FDI between Canada and the U.S., 1980-96
Table 11.1 Average Unemployment Rate, 1990s

Figure 3.1 Inequality of Capability among G7 Powers, 1950-97
Figure 5.1 A Comparison of U.S. vs. Canadian Compliance with G7 Commitments, 1988-95
Figure 7.1 Net Private Capital Flows to Emerging Economies, 1990-96
Figure 8.1 Consumer Prices, 1970-98
Figure 8.2 Expected CPI in the UK
Figure 8.3 Average Swings in the 1972-78 and 1979-85 Cycles
Figure 8.4 National Shares in Post-EMU Economy
Figure 8.5 European GDP Growth
Figure 8.6 Financial Sector Indices on Mergers
Figure 8.7 Comparison of Retail Prices across Europe
Figure 8.8 Manufacturing and Service Indices, Rebased
Figure 8.9 Utility Sector Indices, Rebased
Figure 8.10 Public Debt and Pension Liabilities as a Percentage of GDP
Figure 11.1 Long-term Benefits and Long-term Unemployment, 1989-94
Figure 11.2 Percentage Change in the Labour Force and in Unemployment, 1960-95

Contributors

Sir Nicholas Bayne, KCMG, is a Fellow at the International Trade Policy Unit of the London School of Economics and Political Science. As a British diplomat, he was High Commissioner to Canada from 1992 to 1996, Economic Director at the Foreign and Commonwealth Office from 1988 to 1992, and Ambassador to the Organisation for Economic Co-operation and Development from 1985 to 1988. He is author of Hanging In There (Ashgate, 2000), as well as co-author, with Robert Putnam, of Hanging Together: Cooperation and Conflict in the Seven Power Summits (Harvard University Press, 1987).

Bronwyn Curtis is Chief Economist of Nomura International in London. She is a well-known commentator on financial market issues and author of numerous articles on economic topics. Previously Global Head of Foreign Exchange and Fixed Income Strategy at Deutsche Morgan Grenfell, she joined Deutsche Bank in London in 1988 after an extensive career in international commodity markets.

Professor Joseph P. Daniels is Associate Professor of International Economics at Marquette University, Milwaukee, Wisconsin, and was Visiting Professor of Economics and International Relations, University of Toronto in 1997-98. An established scholar on the G7 Summit process, he has published widely on international economic policy process.

Professor Charles Goodhart, CBE, is Norman Sosnow Professor of Banking and Finance at the London School of Economics and Political Science, and a member of the Bank of England's Monetary Policy Committee. he was a monetary advisor at the Bank of England from 1968 to 1985 and Chief Advisor from 1980. He has taught at Cambridge University and the London School of Economics and Political Science and has written extensively on monetary policy, history, and institutions.

Michael J. Hodges was Director of the Centre for Research on the United States and Senior Lecturer in International Relations at the London School of Economics and Political Science. Formerly Professor of International Relations at Lehigh University, Bethlehem, Pennsylvania, he was the author of books on government/business relations, as well as More Efficiency, Less Dignity: British Perspectives on the G7.

John J. Kirton is Director of the G8 Research Group, Associate Professor of Political Science, Research Associate of the Centre for International Studies, and Fellow of Trinity College at the University of Toronto. He has advised the Canadian government on G7 participation, international trade, and sustainable development, and has written widely on G7/8 summitry. He is co-author of Environmental Regulations and Corporate Strategy: A NAFTA Perspective (Oxford University Press, 1999) and co-editor of The G8's Role in the New Millennium (Ashgate, 1999), Shaping a New International Financial System (Ashgate, 2000), and Guiding Global Order: G8 Governance in the Twenty-First Century (Ashgate, 2001).

Ella Kokotsis is a Post-Doctoral Research Fellow at the Centre for International Studies, University of Toronto, and Research Coordinator of the G8 Research Group. An expert on G7 Summit compliance, she served as a consultant to the Canadian government's National Round Table on the Environment and the Economy in the lead-up to the 1995 G7 Summit.

Richard Layard is Director of the London School of Economics and Political Science Centre for Economic Performance. An expert on the problems of unemployment and inflation, he has advocated a "Welfare to Work" approach in a series of books and articles. Founder in 1985 of the Employment Policy Institute and Chairman, 1987-1992, he is an expert on skills and inequality and heads an advisory group for the Russian government.

Alan Rugman is Thames Water Fellow in Strategic Management at Templeton College, Oxford. Professor of International Business at the University of Toronto, 1987-1998, Dalhousie University, 1979-1987, and the University of Winnipeg, 1970-1978, he is author of numerous books and articles on multinational enterprises and trade and investment policy. He has been an advisor to the Canadian government and a consultant to major companies.

George Staple, QC, was Director of the United Kingdom's Serious Fraud Office from 1992 to 1997. A partner at Clifford Chance from 1967 to 1992, he rejoined the partnership in 1997. He was Chairman of the Authorisation and Futures Authority, 1987-1992, and a member of the council of the Law Society and its Treasurer, 1989-1992.

Koji Watanabe is Executive Advisor to the Japan Federation of Economic Organizations (Keidanren); Senior Fellow at the Japan Center for International Exchange, and Chairman of the Board of Governors of the Asia-Europe Foundation. As a Japanese diplomat, he has served as Ambassador to Russia, 1993-1996, Ambassador to Italy, 1992-1993, Deputy Minister of Foreign Affairs, 1989-1992, and Sherpa for the 1990 and 1991 Summits.

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