that part of the problem is that the G7, particularly the US, is not present in Latin America and Africa. "Some of the other countries here may help persuade the G7. Leaders from those nations and others including Vietnam and African Union chair Comoros are also invited to next weekend's G7 summit in Hiroshima. "There's a joke that we give them lectures about what to do, and they give them money," he said.įinance ministers from India, Brazil and Indonesia have joined their G7 counterparts and central bank chiefs for a three-day meeting in the Japanese city of Niigata, which kicked off on Thursday. The West meanwhile is investing "very little" in developing economies, compared to countries like China, said the 80-year-old American, a former World Bank chief economist. "We have many, quote, friends who are authoritarian, but what we don't like is the economic competition, and political competition," he said. Stiglitz warned that competition between US Democrats and Republicans to look tough on China could undermine international action on climate change and other global crises.Īnd he argued that recent moves by Washington, which is attempting to limit Chinese influence on critical supply chains, could not be explained simply by concerns over Beijing's political system. "We may be in some kind of strategic competition, but that doesn't mean that we have to be quite so hostile."
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