The U.S. and the G-20: Remaking the International Economic Architecture

The global economy has changed dramatically, quickly, and profoundly. Twenty years ago, worldwide capital flows were less than 20 percent of what they are today. Ten years ago, much of Asia was in economic disarray. Today, the old order has been shaken up by new realities, emerging powers, and entirely new financial entities. Increasingly, the economic policies of any single nation, no matter how powerful, are inadequate to meet the demands of a world where both risk and capital move globally.