I read the original Oxblog post, but not surprisingly, Belmont Club does the best job of analysis.

Best line, quoted from the Foreign Affairs article:

At the international level, Asia's rising powers must be given more representation in key institutions, starting with the UN Security Council. This important body should reflect the emerging configuration of global power, not just the victors of World War II. The same can be said of other key international bodies. A recent Brookings Institution study observed, "There is a fundamental asymmetry between today's global reality and the existing mechanisms of global governance, with the G-7/8 -- an exclusive club of industrialized countries that primarily represents Western culture -- the prime expression of this anachronism."