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For nearly a decade the leaders of the seven major industrial countries--the United States, Japan, Germany, France, Britain, Italy, and Canada--have met annually to discuss international economic and political issues. Regular summitry of this sort is virtually unprecedented in modern diplomacy. Proponents see the Western summits as providing collective leadership that is vital in a turbulent world, while critics dismiss summitry as distracting and even damaging to political and economic stability.

Hanging Together charts the modern dilemma between economic interdependence and...