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.

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.

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
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

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.

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.

Footnotes

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), 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