C Fred Bergsten

C. Fred Bergsten has been Director of the Institute for International Economics since its creation in 1981. He is Chairman of the “Shadow G-8,” that advises the G-8 countries on their annual Summit meetings, and was also Chairman of the Competitiveness Policy Council, which was created by Congress, throughout its existence from 1991 to 1995 and Chairman of the APEC Eminent Persons Group throughout its existence from 1993 to 1995. He was Assistant Secretary for International Affairs of the US Treasury (1977–81), Assistant for International Economic Affairs to the National Security Council (1969–71), and a Senior Fellow at the Brookings Institution (1972–76), the Carnegie Endowment for International Peace (1981), and the Council on Foreign Relations (1967–68). He is the author, coauthor, or editor of 31 books on a wide range of international economic issues, including Dollar Overvaluation and The World Economy (2003); No More Bashing: Building a New Japan–United States Economic Relationship (2001); Global Economic Leadership and the Group of Seven (1996); The Dilemmas of the Dollar (second edition, 1996); and America in the World Economy: A Strategy for the 1990s (1988).

Papers Published in World Economics:

The G-20 and the World Economy

‘Globalisation’ is under attack throughout the world. However, no country has ever developed successfully without participating actively in the global economy. Countries and even whole regions that have failed to globalise, or which have ‘de-globalised’, have lagged. What is needed is more openness and better handling of the major issues of macroeconomic stability and growth. C. Fred Bergsten argues that the G-7, whose increasingly unrepresentative membership is eroding the political legitimacy that is essential to win international support and thus acceptance for many of its proposals, is increasingly unable to manage the world economy effectively. Instead, it is the wider and more representative G-20 that can best make a major contribution to global macroeconomic stability and growth, and it should gradually but steadily succeed the G-7 as the informal steering committee for the world economy.

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