G-20 and other Global Organizations Research Paper

G-20 and other Global Organizations - Research Paper Example G-20 initiates close cooperation with other international organizations like World Bank, International Monetary Fund, Financial Stability Board, and Basel Committee on Banking Supervision; moreover, experts from private and governmental organizations have been invited to the summit on an ad hoc basis (www.g20.org). New financial policies adopted by the core committee have evoked severe response from the public in many countries, particularly, Canada. Toronto was the hot potato during this jolt as it gathered world’s major financial leaders amidst warnings that their failure to cooperate on core financial and economic issues cold cost tens of millions of jobs across the globe. The inapplicability of the policies of G-8 resulted in framing a more powerful G-20 to overcome the financial crises the world face at the moment. The G-20 richest countries in the world gathered to facilitate discussions on international financial meltdown and finding out repairs to international capitalist system. The problem starts when the G-20 meeting is announced as the protestors keep in focus the issues related to continued lockouts and strikes at factories, job cuts, pension destructions, eviction of houses, rise in unemployment, uncertainty and homelessness of employees. The meeting essentially takes place to discuss only problems such as recession, bank failures, regulatory wreckage, falling trade, rising unemployment and anti poverty targets. Whenever there is a G-20 meet, it is common to see a large crowd of people gathering at the spot to protest the meeting with various reasons of their claims. As reported by Schneider & Wilson (2010), Toronto’s policy intended to further exploit the environment and people sing a system that sustains colonialism, wars and displacement was opposed largely by a gathering of tens of thousands of people at Toronto. The activists were capable of demonstrating their struggles