—   Ga - Gd   —

G-7   (Group of Seven)
An economic forum of the seven leading advanced industrial economies in the world, whose finance ministers have met several times a year to discuss problems in the world capitalist economy and to arrange for co-ordination of economic policies. It was formed in 1976 when Canada was added to the previous “Group of Six” (France, Germany, Italy, Japan, United Kingdom and the U.S.). In 2009 the G-7 decided that it no longer had sufficient economic power to coordinate (or completely dominate!) the entire world capitalist economy, and decided that the G-20 group (see below) would be the more appropriate forum for that purpose. The G-7 continues, however, perhaps more as a semi-independent “faction” within the G-20. G-7 meetings are now planned to be more informal and to be scheduled just before G-20 meetings.

G-8   (Group of Eight)
A primarily political forum (rather than economic) of the G-7 countries (see above) together with Russia, which meets about once a year in attempts to resolve actual or potential political disagreements and conflicts.

G-20   (Group of Twenty Finance Ministers and Central Bank Governors)
An expanded forum created by the G-7 (see above) in 1999, for consultations on the international financial system and the world capitalist economy, and for coordination of national economic policies. It consists of the biggest developed and “emerging” world economies which represent 90% of global GNP, 80% of world trade (including European Union internal trade), and roughly two-thirds of the world population. Its members are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.S., the United Kingdom and the European Union.
        Before 2009, the G-20 was subordinate to the G-7 in importance. But because of the growing economic power of China and other members of the G-20 who are not members of the G-7, in late September 2009, in the midst of the intensified world economic crisis, the G-20 was formally designated as the primary international consultation and coordination body for the economic policies of the major capitalist countries.

GALILEO GALILEI   (1564-1642)
Great Italian scientist and founder of modern experimental physics. He was put under house arrest by the Roman Catholic Church and threatened with being burned at the stake (as was done to Giordano Bruno in the year 1600) if he did not renounce the Copernican theory that the earth revolves around the sun (rather than vice-versa). This is a famous episode in the perpetual war between science and religion.