ContractsProf Blog

Editor: Myanna Dellinger
University of South Dakota School of Law

Monday, April 6, 2009

Add "rising prosperity," delete "free markets" and "rule of law"

Aaa At last November’s G-20 summit in Washington -- where the leaders unanimously pledged themselves to continue free trade in spite of the looming recession -- the group included the following passage in its closing communique:

We recognize that these reforms will only be successful if grounded in a commitment to free market principles, including the rule of law, respect for private property, open trade and investment, competitive markets, and efficient, effectively regulated financial systems.”

A new year, a new meeting.  And a new closing communique:

We believe that the only sure foundation for sustainable globalisation and rising prosperity for all is an open world economy based on market principles, effective regulation, and strong global institutions.

As Reuters notes, this version drops the “free” out of “markets” and pulls back on the “commitment.” It also drops the references to “rule of law,“ “private property,“ “efficient” regulation, and “open trade and investment.”   Perhaps coincidentally, the World Bank recently released a report showing that 17 of the G-20 nations, led by the U.S., have adopted new protectionist measures against foreign trade.

[Frank Snyder]

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