Abstract

This paper analyzes the question whether the group of the seven most important industrial countries and Russia (G7/G8) is in a position to reshape the international economic and financial architecture in order to create a stable and liberal global economy providing adequate opportunities for economic development, growth and employment. Based on the theory of "institutionalized group hegemony" forwarded by international political economy scholars, empirical evidence is gathered on the relational, structural and domestic strength of the G7. Furthermore, the issues of intra-G7 compliance and of legitimacy of G7 leadership is addressed. As a result, despite their dominating structural power in the world economy an actually hegemonic role of the G7/G8 countries in redesigning the international economic and financial order seems increasingly unlikely.