What’s going on? First, the structure of the world economy has changed, and the US and its allies command a smaller share. In 1990 the US accounted for 21% of global gross domestic product and the Group of Seven for 50%. In 2024 their shares have fallen to 15% and 30%, respectively.

Second, important parts of the world are shifting away from the US-designed operating system. It used to be the G-7 that made the big decisions. Then—with the rise of China and other major emerging markets—the club was expanded to the Group of 20. Now deep fissures between the US and Europe on one side and China and Russia on the other have rendered the G-20 largely ineffective. One measure of its declining influence is the emergence of competing groupings, such as the BRICS—originally conceived as an investing category, it’s morphed into a real-life club, with Brazil, Russia and the other emerging market members take turns hosting summits.