# Group of Eight (G-8): Overview, History, and Criticisms

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## What Was the Group of Eight (G-8)?

The Group of Eight (G-8) was an assembly of the world's largest developed economies that have established a position as pacesetters for the [industrialized](https://www.investopedia.com/terms/i/industrialization.asp) world. Member countries included the United States, the United Kingdom (U.K.), Canada, Germany, Japan, Italy, France, and Russia. Leaders meet periodically to address international economic and monetary issues.

Russia was suspended indefinitely from the group in 2014 after annexing Crimea, an autonomous republic of Ukraine. The G-8 is now referred to as the G-7 as a result.

### Key Takeaways

*   The Group of Eight (G-8) was an intergovernmental organization that met periodically to address international economic and monetary issues.
*   The G-8 is now referred to as the G-7 because Russia, one of the original eight, was suspended from the group in 2014 after annexing Crimea.
*   The G-8 didn't have legislative or authoritative power to enforce the recommended policies and plans it compiled and the G-7 doesn't either.

## Understanding the Group of Eight (G-8)

The G-8 was considered global policymaking at its finest. Member nations wielded significant power because their combined wealth and resources made up roughly half the entire [global economy](https://www.investopedia.com/terms/e/economy.asp). Leaders from the G-8 nations included presidents, prime ministers, cabinet members, and economic advisors. They assembled in this forum to exchange ideas, brainstorm solutions, and discuss innovative strategies that would benefit each nation as well as the world as a whole.

The group's members occasionally worked together to help resolve global problems. They discussed [financial crises](https://www.investopedia.com/terms/f/financial-crisis.asp), [monetary](https://www.investopedia.com/terms/m/monetarypolicy.asp) systems, and major world crises like oil shortages, terrorism, and climate change. It's an ongoing mission for the G-7.

> **Important**
>
> The G-7 meets every summer in the country that holds the rotating, year-long presidency.

The G-7 holds significant sway but it's not an official, formal entity like the [United Nations](https://www.investopedia.com/terms/u/united-nations-un.asp) (UN). It therefore has no legislative or authoritative power. The goal is to find solutions to pressing issues and increase international cooperation, compiling recommended policies and plans that its members can work collaboratively to implement. None of the agreements reached are legally binding, however.

## History of the Group of Eight (G-8)

The origins of the group date back to the early 1970s when leaders of the U.S., U.K., France, West Germany, Italy, and Japan met informally in Paris to discuss the [recession](https://www.investopedia.com/terms/r/recession.asp) and [oil crisis](https://www.investopedia.com/terms/1/1979-energy-crisis.asp). New members joined over the years including Canada in 1976 and then Russia in 1997. This lineup of eight countries remained active for 17 years until Russia was expelled in 2014.

Russia was suspended from the group after other members disagreed with its annexation of Crimea, an autonomous republic of Ukraine. Russia announced its intention to permanently withdraw from the G-8 by 2017, bringing the number of active members down to seven.

## Special Considerations

The G-8 has become the G-7 without Russia but there remains a chance that Russia could rejoin the group.

U.S. President Donald Trump actively campaigned during his first term to readmit Russia to the organization and to be invited to the G-7 conference in 2020. French President Emmanuel Macron appeared to agree with this idea on the condition that Russian President Vladimir Putin end the Ukrainian conflict. The meeting was canceled due to the coronavirus pandemic.

## Criticisms of the Group of Eight (G-8)

[Anticapitalism](https://www.investopedia.com/terms/c/capitalism.asp) and [antiglobalization](https://www.investopedia.com/terms/g/globalization.asp) protests, some of which have turned violent, have become a prominent fixture at G-8 and G-7 summits. Critics often describe the group as a type of rich countries' club that disregards poor nations in favor of pursuing their own interests.

A lot of complaints have centered around the exclusion of representatives from [emerging](https://www.investopedia.com/terms/e/emergingmarketeconomy.asp) and developing nations. Critics point out that these economies play an increasingly important role in the global marketplace yet continue to be shunned by the old guard.

The U.K. and France pushed to include five emerging economies into the group in 2005: Brazil, China, India, Mexico, and South Africa. These countries would join the talks periodically and those meetings were referred to as G-8+5 or G13. The effort was short-lived.

A separate intergovernmental organization known as [G-20](https://www.investopedia.com/terms/g/g-20.asp) was founded in 1999 consisting of the G-7 members, the [European Union](https://www.investopedia.com/terms/e/europeanunion.asp) (EU), and 12 other nations:

*   Argentina
*   Australia
*   Brazil
*   China
*   India
*   Indonesia
*   Mexico 
*   Russia 
*   Saudi Arabia
*   South Africa
*   South Korea
*   Turkey

The G-20 has the mandate to promote global [economic growth](https://www.investopedia.com/terms/e/economicgrowth.asp), [international trade](https://www.investopedia.com/insights/what-is-international-trade/), and regulation of [financial markets](https://www.investopedia.com/terms/f/financial-market.asp).  

## What Was the Oil Crisis of the 1970s?

The crisis has been referred to as the "oil shock." It took place in 1973-74 when the Organization of Arab Petroleum Exporting Countries (OAPEC) entered an oil embargo against the United States. The U.S. dollar was steadily devaluing in the early seventies as well. The two actors combined to cause the oil crisis: higher oil prices and a stumbling dollar.

## What Is Antiglobalization?

Antiglobalization opposes the concepts of global power and free trade among nations. The social movement began gaining steam in the early 2000s.

## How Many Countries Are in the European Union?

Twenty-seven countries formed the European Union at the close of 2024. The United Kingdom hasn't been one of them since Feb. 1, 2020.

## The Bottom Line

The Group of Eight (G-8) initially formed as the G-6 in the 1970s. The member countries were the U.S., France, the U.K., Germany, Japan, and Italy. Canada then joined in 1976 followed by Russia in 1997 and the G-8 was born. The G-8 is now the G-7 because Russia was suspended from the group in 2014 after annexing Crimea.

Leaders meet periodically to address international economic and monetary issues. The group's members occasionally work together to help resolve global problems although they have no legislative or authoritative power to enact and enforce change. They meet annually in the summer.  

> **Article Sources**
>
> 1.  Council on Foreign Relations. "[The Group of Eight (G8) Industrialized Nations](https://www.cfr.org/backgrounder/group-eight-g8-industrialized-nations)."
>     
> 2.  Council on Foreign Relations. "[What Does the G7 Do?](https://www.cfr.org/backgrounder/where-g7-headed)"
>     
> 3.  European Parliamentary Research Service. "[G7 Summit, June 2021 Asserting Democratic Values in the Post-Crisis Context](https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/690648/EPRS_BRI%282021%29690648_EN.pdf)." Page 2.
>     
> 4.  The New York Times. "[Trump Says Russia Should Be Readmitted to G7](https://www.nytimes.com/2019/08/20/us/politics/trump-russia-g7.html)."
>     
> 5.  Federal Reserve History. "[Oil Shock of 1973-74](https://www.federalreservehistory.org/essays/oil-shock-of-1973-74)."
>     
> 6.  Britannica. "[Antiglobalization](https://www.britannica.com/event/antiglobalization)."
>     
> 7.  European Commission. "[From 6 to 27 Members](https://neighbourhood-enlargement.ec.europa.eu/enlargement-policy/6-27-members_en)."
>     
> 8.  U.S. Department of State. "[About the G8](https://2009-2017.state.gov/e/eb/ecosum/2012g8/about/index.htm)."