The G8 in a Changing Global Economic Order
Professor Tony Payne - University of Sheffield

Over the course of the last two or three years the widespread sense that the global economic order is in the midst of major structural change characterised by the rise of new centres of power has set in motion a significant new debate about what the G8 is for, whether it is properly constituted in its present form and, if not, in what direction and with what purpose it might be reformed. The paper will seek to explore that debate by assessing the emerging role of the G8 since its inception in 1975, considering its existential nature and probing the new challenges of efficiency and legitimacy posed by the shift in the distribution of power in the global political economy mentioned earlier. It will conclude by examining various reform initiatives, focusing upon the so-called 'G8 + 5', or Heilingendamm, process.