Home Finance Rich society may defeat the worldly South in a few ways

Rich society may defeat the worldly South in a few ways

The Group of Seven – or G7, wealthy nations must make a stronger case to the non-aligned economies.

A plan centred on world peace, wealth, and environmental protection might be effective. It would undoubtedly be more efficient than giving speeches about democracy.

The assault on Ukraine by Russia, increased inflation, and the growing threat posed by China are just a few of the issues facing the leaders of the world’s wealthy democracies when they meet in a few upcoming days in Hiroshima.

However, Japan, which happens to be hosting the summit, has designated that reaching out to the developing world would be one of the event’s two main focuses, along with sustaining the legal order that governs the international community. Because the subjects are related, this makes sense in part.

Even though they first denounced Russia’s cruel moves, a huge number of developing nations in Asia, Africa, alongside Latin America have mostly remained neutral during the conflict. In the event that Taiwan is invaded, they are unlikely to penalise China, let alone take part in any military defence of the island.

However, if more developing nations spoke out against transgressions of non-domestic law, the People’s Republic could be less inclined to consider attacking Taipei.

The fact that developing nations’ behaviour will affect whether or not the globe burns is a further incentive to care about them. Climate change might not become a catastrophe if countries like India adopt a greener strategy of growth.

The entire globe will suffer if not. Even wealthy democracies in temperate areas will face the effects, mostly in the form of unprecedented levels of mass migration.

Economically, non-aligned countries are also significant. Many have expanded quickly and yet have a great deal of room to grow. Sources of essential raw materials for a worldwide green industrial revolution include nations like Brazil. It still takes other people, like Nigeria, to create hydrocarbons.

Vietnam, for example, might assist the developed world in diversifying its supply chains to lessen its reliance on China, which now dominates crucial goods like batteries or solar panels.

The objective of the rich democracies shouldn’t be to enlist the global South in their cause in anticipation of a potential conflict with China. Instead, aim should be to prevent non-aligned nations from allying with Beijing and ensuring that they continue to be genuinely neutral.

Meanwhile, the rest of the developed world may have something to contribute in three different areas. The “three P’s” are peace, prosperity, and care for the planet.

Because of the disastrous breakthrough of Iraq, the United States has little credibility when it came to opposing any military aggression. Due to its role in Iraq and its full presence in Libya, for which another member – France shared responsibility, the United Kingdom is likewise also compromised.

Rich nations might yet take greater action through the UN to deter violence. Given that Russia and China have the power to veto important Security Council decisions, this can be challenging at times. However, the US and its allies should do more to strengthen the UN General Assembly, where every nation has a voice and no one has veto power.

Rich democracies might be accused of having double standards when it comes to fostering prosperity.

The main offender is the United States. Presidents Joe Biden alongside Donald Trump both took actions to save American jobs at the price of international commerce, most recently with the inflation-reduction-focused Inflation Reduction Act.

The most crucial action the G7 nations can take to improve relations with emerging nations is to encourage commerce.

This should involve keeping to commitments to locate production in more hospitable countries like India in order to reduce reliance on China. Promoting imports exposes one to criticism from domestic voters. Rich nations must also adopt bold policies to assist those who suffer as a result of globalisation.

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