When the Group of Six (now the Group of Seven, or G7) met for the first time in 1975, it did so amid the backdrop of an unprecedented oil crisis, soaring inflation, and a tumultuous stock market. The Dow Jones Industrial Average, for instance, had fallen nearly 50% over a 20-month period, and interest rates were rising—eventually spiking to 21% by 1980 in the U.S.
The goal of the inaugural meeting was to address the economic problems threatening global stability, all in the name of human rights, security, and sustainable development. Even though the G7’s June summit was postponed until at least September, we must be steadfast in urging our leaders to remember these founding principles when they eventually meet. We must remind our leaders that an inclusive economy is a strong economy.