Wall Street sign near the New York Stock ExchangeMOSCOW, June 15 The current economic crisis cannot be resolved through global cooperation, Edward Alden, a visiting professor at Western Washington University and a senior fellow at the Council on Foreign Relations, said in an article for Foreign Policy. found a compromise, now cooperation seems the least likely.UN Secretary General outraged: West saves itself, not climate»Ironically, the deterioration of the cooperation system is mainly a consequence of past successes. <…> Many countries today have become rich enough to influence and demand that their interests be taken into account. Others pursue territorial or ideological goals that they consider more pressing than directly economic priorities. As a result, it has become almost impossible to find a consensus,» Alden explained. . Thus, the limitation of subsidies for fishing has been discussed for more than 20 years. Alden recalled how the G7 came into being first, changing the number of participating countries, and then the G20. Then the leaders of the largest industrialized countries set themselves the task of finding complementary ways to revive their ailing economies, the expert writes.
"Of course, such collaborative efforts rarely resulted in transformation. The G7 and G20 lack decision-making power and serve more as an attempt to push countries towards mutually supportive policies. The goal of such organizations is often not so much to develop grandiose recovery schemes as to prevent the situation from getting worse", he says.
Alden described how the US authorities are «creatively» looking for workarounds to solve the problems that have arisen due to economic turbulence. He considered the creation of many coalitions of like-minded countries to be the main such way. However, this method is not very efficient either. For example, the Summit of the Americas convened by Joe Biden did not include Latin America's second largest economy after Brazil: Mexican President Andrés Manuel López Obrador boycotted the event after the White House ruled out Cuba, Venezuela and Nicaragua.
The format of Putin's participation in the G20 summit will be determined closer to the date of the meeting»While these initiatives are surprisingly creative, none of them even remotely matches the urgency of the moment. In previous crises, the world's leading governments were able to put aside quite a lot of disagreement in order to work out clear answers. This time this approach is not visible. This breakdown in cooperation may be the longest and most disturbing consequence of the current series of overlapping crises,» Alden summed up. After the start of the Russian special operation to liberate the Donbass, the West increased sanctions pressure on Moscow. Some countries announced the freezing of Russian assets, many brands left the country. The European Union has already adopted six packages of sanctions, which, in particular, provide for the gradual introduction of an embargo on the import of coal and oil. The Kremlin called what is happening an economic war, the likes of which have not yet been. As Vladimir Putin stated, the policy of containment and weakening of Russia is a long-term strategy of the West, and the sanctions dealt a serious blow to the entire world economy. According to him, the main goal of the United States and Europe is to worsen the lives of millions of people.