Improve People\'s Welfare (250- 350

¶ … improve people's welfare (250- 350 words). The IFIs include the WTO, IMF, World Bank, the G8 or the G20.

G8: Effective or not?

Controversy has dogged the G8, the organization made up of the eight most industrialized countries as measured by economic output since its inception in 1975. The organization, then known as the G6 was born in response to the world oil crisis. Current membership consists of the United Kingdom, Canada, France, Germany, Italy, Japan, Russia and the United States ("G8 -- The group of 8," Global Knowledge Contents, 2009). The heads of state of G8 countries and the President of the European Commission gather for summits to discuss issues of economic concern, environmental issues, and aid to the developing world. "The European Union is represented at the G8 by the president of the European Commission and by the leader of the country that holds the EU presidency. The EU does not take part in G8 political discussions" ("Profile: G8," BBC, 2009). The leadership and the hosting duties of the organization rotate from member state to member state.

The positions of the G8 are not binding, and given the absence of India and China from its membership, many critics say it is growing increasingly irrelevant in the more multilateral global economy. Conversely, many critics have questioned the elitist nature of the G8, which can have tremendous influence on world economic policy spanning far beyond its membership nations when the nations are in solidarity. But during the Bush Administration, great ideological and personal rifts occurred between members of the G8. The U.S. rejected the Kyoto Protocols on emissions, and refused to ratify the treaty. And "in September 2008, Russia's President Medvedev said Moscow did not fear being expelled from the G8 following criticism of its actions in Georgia," when "U.S. officials had said Russia's membership was at stake," in what ultimately emerged as an empty threat ("Profile: G8,' BBC, 2009). The Obama Administration, despite its great popularity, must work to mend these rifts and create consensus. But hostility to the U.S. has grown, as the current worldwide recession is largely seen as being caused by deregulation of the U.S. financial industry. Finally, the G8 meetings have been plagued by security issues as often violent opponents of globalization demonstrate outside of meetings decry the clout of an organization based upon the wealth of its members, not their moral righteousness or democratic ideals. Even before the economic crisis, the focus of the G8 was drifting, as member nation's national interests were more disparate, and these economic divisions have only grown.