Seoul Set To Take Center Stage at G-20 Summit
SEOUL, Korea (September 2010)—With the credibility of the Group of 20 as the world’s leading forum for economic cooperation at stake, the G-20 Summit to be held in Seoul Nov. 10 to 11 will be a crucial test of both South Korea’s leadership on the world stage and the emerging role of the G-20 itself.
In the cover story of the latest issue of Global Asia , a group of leading economists and political relations experts examines the issues that G-20 leaders will tackle in Seoul and what are their chances of success. From reform of the global financial sector to calls for a rebalancing of power at the International Monetary Fund, we examine the ambitious agenda the G-20 has set. We also highlight the unique contribution South Korea has made in expanding the G-20’s agenda to include development issues and the need for a global financial safety net.
South Korea is leading efforts to push the issue of development as a way for the G-20 to reach out to the 172 countries that don’t belong to group. In doing so, South Korea hopes that the G-20 will serve as a continuous bridge between the developed world and the developing, thereby ensuring the relevance of the G-20 as a new forum for global leadership.
Dr. SaKong Il, who is Chairman of South Korea’s Presidential Committee on the G-20, Seoul, argues in a special article for Global Asia that “South Korea, as chair of the G-20, is determined to exercise leadership towards that end.”
“Our cover story on the upcoming G-20 Summit comes at a time when the world’s fragile economic recovery is highlighting the importance of enhanced global cooperation and leadership,” said Global Asia Editor-in-Chief, Chung-in Moon. “What happens in Seoul this November matters immensely for whether the G-20, which includes six Asian nations, will continue to play a leadership role in shaping global economic cooperation.”
Prof. Choong Yong Ahn of Chung-Ang University – who also serves on Global Asia’s Editorial Board – and Prof. Barry Eichengreen of the University of California, Berkeley, served as co-guest editors of this cover story on the Seoul G-20 Summit.
For a copy of the articles in our cover story, please visit the Global Asia web site at www.globalasia.org.
Following is a summary of what you can find in the latest issue of Global Asia, along with the URLs for all of the articles (You can access PDF versions of the articles from our web site, as well):
THE ARTICLES IN THE COVER STORY:
The G-20 Seoul Summit: Shared Growth Beyond Crisis
By SaKong Il
The leaders of the Group of 20 nations will gather in Seoul November 11 to 12 at a time when many skeptics are wondering whether the G-20 can live up to the expectations placed on it when it emerged from the recent financial crisis as the world’s leading forum for coordinated policy action. SaKong Il outlines what is at stake in Seoul and what he expects of G-20 leaders.
SaKong Il is Chairman of the Presidential Committee for the G-20 Summit, Seoul, South Korea.
Threats to the World Economy Remain: Prospects for Growth And Rebalancing
By Menzie D. Chinn
When the G-20 gathers in November, continuing uncertainty about the prospects for global economic growth and worries about the risks posed by global financial imbalances are likely to dominate the talks. While there appeared to be a consensus early on in the recent financial crisis about the policy mix needed to address both issues, divisions have since emerged. Both developed and developing countries need to rethink their approaches, or the consequences could be harmful for the world economy.
Menzie D. Chinn is Professor of Public Affairs and Economics at the University of Wisconsin’s Robert M. La Follette School of Public Affairs.
‘Wasting the Crisis’: The G-20’s Role in Financial Sector Reform
By Richard Portes
At the height of the recent financial crisis, the Group of 20 nations appeared to be leading the charge to reform the global financial sector to prevent a repeat of the meltdown that threatened the world economy. But two years after a lofty declaration by the G-20 promoting reform, the picture is decidedly mixed.
Richard Portes is Professor of Economics, London Business School, and President, Centre for Economic Policy Research.
The G-20 and the IMF: An Uneasy Relationship
By Barry Eichengreen
South Korea was one country the IMF bailed out during the Asian financial crisis of 1997-98, but with Seoul set to chair the upcoming G-20 summit, the time is ripe to push for further reform of the IMF to make it both more accountable and inclusive.
Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley.
To Remain Relevant, The G-20 Needs Seoul’s Development Agenda
By Choong Yong Ahn
The Group of 20 nations burst onto the world stage at the beginning of the recent global financial crisis, when it became the chosen forum for articulating coordinated action to avert another Great Depression. Including development issues and reaching out to non-G-20 countries is essential if the G-20 is to continue to help lead the world.
Choong Yong Ahn is Distinguished Professor, Graduate School of International Studies, Chung-Ang University, Seoul, and is Chairman of South Korea’s Regulatory Reform Committee.
Stuck in Transition: Conflicting Ambitions for the G-20’s Future
By Alan S. Alexandroff
When the global financial crisis erupted in 2008, a curious thing happened. The world turned to the Group of 20 nations, not the elite Group of 8, to call for collective action to avert another Great Depression. Since then, the G-20 has been hailed as the new forum for global leadership. But there are many obstacles to overcome before the G-20 can exercise that new leadership role.
Alan S. Alexandroff is Director, Online Research, Munk School of Global Affairs & Co-Director of the G-20 Research Group, Munk School of Global Affairs, University of Toronto.
Should South Korea and Japan Declare A Nuclear Weapon-Free Zone?
The Status Quo Isn’t Working: A Nuke-Free Zone Is Needed Now
By Peter Hayes
One thing is clear about past attempts to denuclearize North Korea: They have been an abysmal failure. They have not afforded Pyongyang the sense of security it needs to take real steps to give up its nuclear weapons ambitions. The idea of a South Korea-Japan nuclear weapon-free zone provides a fresh approach that might just work.
Peter Hayes is Director, The Nautilus Institute for Security & Sustainability, San Francisco, and Professor of International Relations, RMIT University, Melbourne.
A Northeast Asian Nuclear Weapon-Free Zone Is Unrealistic
By Masashi Nishihara
North Korea sees nuclear weapons as a vital tool to press the international community into supplying it with economic aid, to intimidate South Korea into treating it gently and to give it bargaining power with China. So the idea of a nuclear weapon-free zone aimed at bringing North Korea into the fold is interesting but ultimately unrealistic.
Masashi Nishihara is President of the Research Institute for Peace and Security in Japan.
New Spice Wars: China, the US and Japan Compete For Rare Metals
By Ming Hwa Ting
More than 400 years ago, imperial European powers fought over access to spices that were used in tiny quantities to prepare and preserve food. Today, a contest is shaping up among China, the US and Japan for access to rare earth metals that are used in minute quantities to manufacture a vast array of products essential to a modern economy — including advanced military hardware.
Ming Hwa Ting is Assistant Professor of International Relations at the University of Nottingham, Malaysia Campus.
Blood in the Jungle: India’s War Within
By Sunny Peter
In recent years, left-wing extremism in India has spread like a cancer, exploiting the grievances of the poor and leaving a trail of killings that dwarf the chronic unrest in Kashmir. Government efforts to battle the extremism is hampered by India’s complex history of intellectually embracing the left’s advocacy of social justice, writes Sunny Peter. But are the extremists fighting for social justice or the fall of the Indian state itself?
Sunny Peter is an analyst and freelance writer on global affairs. His focus is in the area of conflict studies. He is based in Mumbai, India.
How Should Democrats Deal With Dictators?
By Walter C. Clemens, Jr.
The USSR, Libya and now North Korea have all posed one of the thorniest of diplomatic and ethical questions: should democratic leaders be prepared, for the sake of the greater good, to meet and negotiate with despots and leaders for whom terror and tyranny are a stock in trade?
Walter C. Clemens, Jr. is Professor of Political Science, Boston University, and Associate, Harvard University Davis Center for Russian and Eurasian Studies.
‘Obamajority’ Or Realpolitik? Japan’s Nuclear Double Standards
By Mikyoung Kim
While the devastation of Hiroshima and Nagasaki at the end of World War II remains the signature event that tells of the horrors of nuclear warfare, the anti-nuclear priorities of Hiroshima’s leaders today seem inexplicably at odds with the reality that Japan’s leaders face in shaping a national defense policy.
Managing Global Health Disaster Risks in Asia: Lessons from the H1N1 Case in Japan
By Mika Shimizu
The global health disaster risks of the H1N1 pandemic influenza presented an enormous challenge. H1N1 was not an isolated event but part of an uncertain and complex set of risks affected by accelerated globalization, writes scholar Mika Shimizu in evaluating Japan’s imperfect response to the pandemic and finding lessons for the rest of Asia.
Mika Shimizu is a visiting scholar at the East-West Center in Washington DC/Hawaii, and an Abe Fellowship recipient (2009).
By Sang-jung Kang Nashonamizumu no Kokuhuku [Overcoming Nationalism]
By Sang-jung Kang and Hiroshi Morris Kokka to Aidentiti wo Tou [An Inquiry into the State and Identity]
By Charles Douglas Lummis, Sang-jung Kang, and Toshihito Kayano
Reviewed by Seung-won Suh
Contrary to what many observers had expected, this year, which marks the 100th anniversary of Japan’s forceful annexation of Korea, has been characterized by an atmosphere of reconciliation between the two countries. Above all, the diplomatic gestures on both sides — even if they might not have satisfied everyone — have been carried out with a careful regard for feelings in both places.
Simon SC Tay is chairman of the Singapore Institute of Global Affairs (SIIA). He also teaches international environmental law at the National University of Singapore.
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