The G8 is the group of seven most industrialised countries (G7) and Russia. (Russia is currently a non permanent member but is about to become one at this G8 summit.) They are seen to be the most powerfull countries in the world. The G8 meet annually to discuss global problems. Representing just 14% of the world’s population, but controlling two thirds of global wealth, their actions have an impact on the whole world.
In 1974 the six most industrilised countries met up which included USA, France, Germany, Britain, Italy and Japan, and set up the G6. In 1975 the G6 became the G7 as Canada joined. Russia has been gradually joining since the end of the cold war in the 1990's and will be hosting it's first G8 summit next year. There are many reasons why the G7 initiated but the main one was probably that the US was worried about its future as it had and still does to this day a huge balanece of payments deficit.
The G8 meet annually with each member state hosting the summit in turn. The EU sends representation and other countries can attend as spectators or sometimes as guest speakers.
At this year's G8 the heads of state will be the following:
Why are people demonstrating against the G8?
The G8 has no formal democratic mandate but its member countries control over half of the votes at World Bank and IMF meetings. They also dominate the World Trade Organisation as they hold over half the votes. This makes the G8 annual summit the basis on which a self-selecting and unaccountable group influences the fate of the rest of the World.
Of course the G8 talks are secretive so we do not know exactly what will be discussed. However we do know that Tony Blair who is heading the summit plans to talk about Climate Change and Africa
Recently Gordan Brown launched his Marshall Plan for Africa. It aims to write off debt, double aid and to level the terms of trade between "developped" and "under-developed" nations. These are precisely the aims of the Make Povery History campaign which Gordan Brown himself is backing. There is however one problem the other G8 countries are not so reluctant to want to sort out these issues.
When the G7 finance ministers met last Febuary they were not all so keen on Gordan Brown's aspirations. Germany for instance is insisting that debt relief can only be looked at on a case by case basis. They all disagree on Gordan Brown's plan to wipe out debt and the US opposes his aid project.
There are going to be three main alternative G8 summit camps based in the approximately of the G8 talks. These are:
The Bretton Woods Institutions got set up at the end of the Second World War in 1944. The Bretton Woods conference has largly set out the financial and trading institutions that exist today.