Every Nation for Itself: Winners and Losers in a G-Zero World

Every Nation for Itself: Winners and Losers in a G-Zero World by Ian Bremmer Portfolio

The movie The Iron Lady is a nostalgic look at an age when strong leaders such as Britain's Margaret Thatcher could change the course of history. Now, few politicians command the same kind of power and support as she to push through unwelcome but necessary policies.

It is the same story of decline with international institutions such as the G7, once an essential platform for resolving global economic issues. Its members - France, Germany, Italy, Japan, Britain, the United States and Canada - continue to account for nearly half of the world's nominal GDP. But when it comes to solving crises such as the Euro debt, the G7 seems increasingly irrelevant.

Now is the time of 'G-Zero', writes Ian Bremmer. For the first time in seven decades, the world is without global leadership, he argues. The US, once the world's policeman, has been weakened by its debt crisis and controversial military ventures overseas. Europe is likewise mired in debt which is crippling confidence in its institutions and its future. Japan is nursing the damage caused by last year's quake and nuclear disasters, along with long-standing problems of economic stagnation and an ageing population.

So, where is the world heading? This book attempts to provide an answer, using familiar arguments, well-known facts and sweeping generalisations. It may not provide many profound insights, but it is useful for those wanting to stretch their imagination as to the future.

Bremmer, who heads a risk research and consulting firm, says there is no single country or bloc with the political or economic leverage to drive a truly international agenda. The result is uncertainty and conflict over international economic co-ordination, financial regulatory reform, trade policy and climate change.

This G-Zero stage, as Bremmer describes it, may last for many years, a power vacuum that will benefit some governments, institutions and companies that can adapt to a leaderless world.