G-7

The G-7 also known as the Group of Seven is an international organization formed in the late 20th century by the United States, Canada, the United Kingdom, France, West Germany, Italy and Japan. 
==History==
===Late 20th Century: 1970-1999===
At the time, the nations were the seven largest and most influential industrial capitalist economies in the world. After the collapse of the Soviet Union in 1991, Russia joined the G-7 forming the G-8. 
===The Rise of the Non-Western World: 2000-2050===
With the emergence of developing countries as major economies in the early 21st century, the G-8 became less relevant leading to the formation of the G-20 in 2009 which expanded to become the G-30 in 2019 in the wake of the Great Recession. The G-8 kicked Russia out of the organization after Russian President Vladimir Putin's invasion and annexation of Crimea in March 2014. The G-8 reverted back to the original G-7. Although the G-7 still exists, it has become largely irrelevant due to the emergence of the People's Republic of China, which is not a member, as the world's largest economy and an advanced nation as well as the rise of other developing economies that are more influential than some or even most of the G-7. The G-30 became more representative of the dustribution of wealth and power in the 21st century.
Category:International Organizations
Category:Economics