The G20 was established in 1999 and is an informal grouping of 19 countries plus the European Union. The group consists of the G7, the major industrial countries and 12 large, systemically important
emerging market economies. Today, the G20 is considered the main forum for international economic cooperation.

Dr Jim Yong Kim has been President of the World Bank since 1 July 2012. He is a physician and anthropologist and served as President of Dartmouth College from 2009 to 2012. Prior to this, he held professorships in medicine and social medicine at Harvard Medical School. As director of the World Health Organization’s HIV/AIDS department from 2004 to 2006, he initiated an ambitious programme to combat the AIDS epidemic.

Dr Kim was born in Seoul, South Korea in 1959. He moved with his family to the United States when he was five and grew up in Muscatine, Iowa.

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Austrian-born Carl Menger is commonly regarded as the founding father of the Austrian school of economic thought. In his work "Principles of Economics", published in 1871, he argued that the value of a good is in each case determined by the subjectively estimated value attached to that good’s final unit ("marginal unit"), a circumstance which he referred to as the "law of marginal utility".

Other economists including Eugen von Böhm-Bawerk, Friedrich von Wieser, Ludwig von Mises and Friedrich August von Hayek subsequently built on his hypotheses.

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