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I realize that the G20 is reflexively hated by some, but it is the G20 (Group of 20 government ministers of finance and central banking), not the C (corporate) 20.
Sometimes those 20 governments reflexively represent corporate interests. Sometimes, the politics of the 20 countries represented shifts, leading to an opening for reform.
One of the ideas to come out of the current G20, is the idea of shifting policy making away from the G8 toward the more inclusive G20. If this continues, then South America, Africa and other developing regions will have a stronger voice in international economic governance.
For example, the G20 includes South Africa, Africa's largest economy. But South Africa is also a member of the Southern African Development Community a sort of common market in the region, so South Africa will represent the interests of Angola, Botswana, Lesotho, Malawi, Mozambique, Swaziland, Tanzania, Zambia, Zimbabwe, Namibia, Mauritius, Democratic Republic of the Congo and Seychelles.
South Africa sits on the G20 working group charged with reforming the IMF.
So what seems to be emerging is a new economic order in which all regions are represented, with the biggest economies of certain regions representing not just their own countries but their regions.
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