My answer to How do you evaluate the G20 in Hangzhou China?
Answer by Desmond Last:
It was a significant move towards ‘New Economics’ with China showing the world that it realizes the importance of money supply rather than money demand.
China appeared to be taking a more prominent role in World Economic Management. One that hopefully will see it use a more regulated, directed and controlled money supply to dictate economic growth.
China is at a crossroads. Militarization is costly and does not reap the Peace dividend. Russia and the U.S have cost the world dearly by playing ‘strategic interest ’ with peoples’s lives.
Obama and Putin should be sidelined. They are not competent strategists in Peace Management. Their thinking is from the age of the Dinosaur. It is time to move on we cannot afford their outdated thinking.
Somewhere there is a History Book and the two egos of Putin and Obama are on the page next to Hell.
The whole system of allowing the demand to dictate the direction of supply has not proven to be of any real use in alleviating poverty in Africa. or in providing a more stable and manageable world economic growth.
The world should only supply (loan) funding to proven viable projects. Donar Aid supports ineffective economies and bad Governments.
The G20 and China should be asking where all the billions are going in Aid.
That is why it is important to include African Nations in the G20. This too was discussed at the summit.
That is why it is important to increase the front-line membership of the G20- a regional structure would be the most ideal forum. This too was discussed at the G20.
Hopefully China will begin to see the value of the Peace Dividend in terms of Economic growth.
China and all countries will soon have to satisfy domestic demand for Climate Change technologies – which is a huge growth market.
There is going to be a big demand for ‘off the shelf climate change solutions’. It will no longer be good enough to only make the solar panels a complete install solution will be required. China will need to be able to meet that demand if it is to maintain its growth figure. Which is why China’s and the U.S handshake on the Climate Change agreement was a positive move. But it must become a mandatory agreement.
The U.K was sidelined. The U.K media did not show the speech by the Japanese Government in which it said it will support any Japanese company who want to leave the U.K.
There is no national Economic debate in the U.K as there is in other countres. The U.K Government does not welcome ‘New Economics’ theory and ideas. It probably does not even understand it.
As was discussed on both German and French Television the most important development that came out of the China G20 was ‘New Economics’. I would say that China should be giving itself a pat on the back for a well-run and focused summit.
The value of long-term trade agreements was questioned. Which will mean a move towards comparative advantage- this is less resource hungry and more cost effective.
Let us hope it is the beginning of new thinking that will promote ‘New Economics’ and the Peace Dividend.