The G20 claims this will grow to $5 trillion by the end of the year, raise output by 4 percent, and accelerate the change to a green economy.
If only we could learn from history, THIS DOES NOT WORK! Development aid has been tried repeatedly since the 1940s: it has failed so many time that there is no reason to believe that it will work now. And claims that any of this spending will bring a ‘green economy’ into being ignore the economic fallacies of the concept.
So the Europeans get regulations, Americans get a watered-down endorsement of stimulus spending, the Chinese get a bigger role in international financial institutions, and the developing nations get more politically corrupting development aid.
So we got took.