Economic summit

Economic summit is a special meeting during which leaders of The Group of Eight (G-8 countries: France, Italy, the United Kingdom, Germany, Canada, Japan, the United States, and Russia that are the group of eight highly industrialized countries) discuss current economic conditions and its impact on each leader's prospective country^[1].

Contents

• 1 Origins of Economic Summit
• 2 European Economic Summit
• 3 Economics of Mutuality Origins (EoM)
• 4 Footnotes
• 5 References

Origins of Economic Summit

In the middle 1970s following global issues with exchange rates of the most industrialized countries, French President Valery Giscard d’Estaing hosted informal gathering of the leaders of: West Germany, Italy, France, United States, Japan and The United Kingdom. The aim of the meeting was to discuss current exchange rate system and possibilities to make it more effective. Discussions in this topic continued between the United States and France representatives, who agreed to flexible exchange rate system that included coordinated interventions in the external exchange markets whenever such intervention was required in order to ensure stability of exchange rates. During the summit, President Giscard d’Estaing announced the crunch and received immediate approval for it from the other leaders.

Six months following the first economic summit, the United States President Gerald Ford made a decision to host economic summit on his own. Moreover, President decided to invite Canada to participate in the meeting. Consequently, President Ford institutionalized the summits. Since then they are held each year during the summer and they are known as Economic Summit.

In 1997, United States President, William Clinton who hosted the economic summit at that time, invited Russian President Boris Yeltsin to participate in the summit for the whole duration of it, even though he was excused from all of the economic meetings. In 1998, during the summit hosted by the United Kingdom Prime Minister Tony Blair, President Yeltsin was invited to attend all the summit meetings. Consequently, the participating nations have been expanded to eight, or The Group of Eight (G8).

In 2014, member countries of the G7 decided to exclude Russia from the summit following its annexation of Crimea. Therefore, annual economic summit participation returned to the G7^[2].

List of summits

No. of summit

Year

Place of the summit

The Group of Six

1

1975

Château de Rambouillet

The Group of Seven

2

1976

San Juan

3

1977

London

4

1978

Bonn

5

1979

Tokyo

6

1980

Venice

7

1981

Montebello

8

1982

Versailles

9

1983

Williamsburg

10

1984

London

11

1985

Bonn

12

1986

Tokyo

13

1987

Venice

14

1988

Toronto

15

1989

Grande Arche

16

1990

Houston

17

1991

London

18

1992

Munich

19

1993

Tokyo

20

1994

Naples

21

1995

Halifax

22

1996

Lyon

The Group of Eight

23

1997

Denver

24

1998

Birmingham

25

1999

Cologne^[3]

26

2000

Okinawa

27

2001

Genoa

28

2002

Kananaskis

29

2003

Évian-les-Bains

30

2004

Sea Island

31

2005

Gleneagles

32

2006

Saint Petersburg

33

2007

Heiligendamm

34

2008

Tōyako

35

2009

L'Aquila, Abruzzo

36

2010

Huntsville

37

2011

Deauville

38

2012

Camp David, Maryland

39

2013

Lough Erne in County Fermanagh

The Group of Seven

40

2014

Brussels

41

2015

Schloss Elmau, Bavaria

42

2016

Shima, Mie Prefecture

43

2017

Taormina, Sicily

44

2018

La Malbaie, Quebec^[4]

European Economic Summit

Economic Summit - established 2014 as ‘European Economic Summit’. The aim of the economic summit is to promote new models on economy and finance based on thought and faith, Christian tradition and finally transformational businesses that generate human, natural, financial and social capital as new models for sustainable economies and poverty alleviation. Following the first meeting in 2014 Economics of Mutuality concept has played an important role during Economic Summit Meetings. In business context mutuality stands for sharing of the benefits that doing business between multiple stakeholders can bring: the environment, the community and people.

Economics of Mutuality Origins (EoM)

The concept is based on the Jubilee principle (Bible, Lev. 25). Through the ages, almost every economic system has been based on:

1. the land as it provides raw materials and the resources from which goods can be created,
2. the people as they are the ones that can transform these resources into services and goods that can be sold,
3. the financial capital (money) which provides liquidity.

Jubilee concept as well as EoM advocate remunerating communities, people, capital and land in management practice in a broad based and integrated fashion^[5].

The EoM leverages mutuality principle in business as a driving force for value creation. The model promotes profitable, sustainable business and benefits in the form of environmental, human as well as social well-being. Moreover, it encourages the concentration of various forms of capital in multiple stakeholders’ hands leveraging the power of capitalism. Therefore, the EoM seems to have the potential to adapt to the disruptive business environment better than the Financial Capitalism model exposed and promoted by Milton Friedman. It focuses only on profit as the only one form of the capital simultaneously excluding of all the others^[6].

Footnotes

1. ↑ Economic Summit, 2019
2. ↑ Daniels, J.P,van Hoose, D.D., 2017
3. ↑ Documents of Summit Meetings in the Past, 2019
4. ↑ Economic Summit, 2014
5. ↑ White, D.L., 2009
6. ↑ Economic Summit Europe 2018, 2019

Economic summit — recommended articles

European regional development fund — Socialism — Global interdependence — Environmental policy — Kyoto convention — Examples of opportunities — Etatism — World Packaging Organisation — European Coal and Steel Community

References

• Daniels J.P., van Hoose D.D. (2017), [1]Global Economic Issues and Policies, Routledge, New York
• Documents of Summit Meetings in the Past(2014), "Ministry of Foreign Affairs of Japan"
• Economic Summit(2019), "Business Dictionary"
• Economic Summit Europe 2018(2019), "Economic Summit"
• G7/G8(2014), "Ministry of Foreign Affairs of Japan"
• White D.L. (2009), The Jubilee Principle: God's Plan for Economic Freedom, WoldNetDaily, Los Angeles, CA

Author: Klaudia Słota