The meeting of G-8 leaders in Hokkaido, Japan, comes at a time when the world is facing some serious challenges. Not only are global oil prices at an all-time high, but the specter of recession in the U.S. economy and worldwide inflation, seen most acutely in the escalating cost of food, is also causing serious hardship in several societies.
Against this background, it may be expected that the summit would focus largely on short-term measures with which the global economy can be repaired with minimal effort, instead of major structural changes, which, it may be argued, can be held off for better times.
In fact, quite the reverse logic is likely to dominate discussions and collective thinking at the Hokkaido meeting. For the symptoms we see today are a mere manifestation of very deep problems facing the world, which, if not addressed early, can only lead to multiple crises.
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