The Impact of the Economic Crisis: From the G-8 to the G-20

The financial crisis did not deal a fatal blow to any democracies, but it did hasten an erosion of the influence of the West. A key symbol of this trend is the anointing of the Group of 20 (G-20) as the key international body for addressing global economic concerns. In the future, the balance of power among competing regime types may be decided by the emerging-market democracies, whose growing economic and political clout may make their internal political debates and foreign policies increasingly important to the future of democracy around the world.