PROJECT SYNDICATE interviews JIM O'NEILL
With Donald Trump’s presidency hastening the decline of the US-led international order, questions of global governance have become increasingly urgent. Many of the economic-policy decisions that the United States, China, and other emerging players make today will be felt for decades to come.
Editors’ note: Listen to the conversation with PS Editors’ Podcast. Tune in to all episodes from your favorite podcast app, and subscribe via Apple Podcasts, SoundCloud, or RSS Feed.
Jim O’Neill: The recent G7 meeting in Canada demonstrated that we are living under a pretty outmoded form of global governance. The G7, after all, represents the democracies that had the largest and most important economies in the 1970s, when the group was formed. But since the turn of the millennium, and arguably since the mid-1990s Asian financial crisis, most of those countries have not dominated the world economy.
If we want truly representative governance, we need a system that can change and evolve through time, not unlike the system of promotion and relegation in sports leagues. Otherwise, we run the risk of setting up some entity that becomes irrelevant in 20 years.