Author: Francine (page 28 of 89)

Analysis of the IMF Strategy on Social Spending

Four years have passed since the International Monetary Fund adopted a new
Strategy for Engagement on Social Spending that was meant to increase the
support that IMF gives to national policies on social protection, health and
education. The Fund interprets this as instructing its staff to focus on the
adequacy, efficiency and sustainability of social programs when they can affect
macroeconomic conditions (are “macro-critical”) in member countries. The
staff make their judgments during annual assessments of macroeconomic
conditions in individual countries or when devising policy adjustment
programs with countries that need to work toward recovery from
macroeconomic crises. One way to assess how the new strategy is being
implemented is to look for changes in IMF advice and the policy requirements
for IMF loans. Results so far have not been encouraging, although it is still
early.

Read the article by Barry Herman

World Bank enables private capture of profits

The World Bank insists commercial finance is necessary for achieving economic recovery and the Sustainable Development Goals (SDGs), but does little to ensure profit-hungry commercial finance serves the public interest.

By failing to address pressing challenges within their purview, the second-ever Bretton Woods institutions’ (BWIs) annual meetings on the African continent, in Marrakech in October 2023, set the developing world even further back.

Article by Jomo Kwame Sundaram

International Day for Migrant Workers

This International Migrants Day, 18 December, the ITUC highlights the work of trade unions around the world to protect, promote and fulfil migrant workers’ rights.

The report, Trade Unions in Action for the Rights of Migrant Workers, showcases organising, campaigning, advocacy and direct support activities carried out by trade union organisations from 10 countries.

European deal on the rights of platform workers

The Council and the European Parliament have reached a provisional agreement on a proposed directive to improve working conditions for platform workers. In the event that the deal struck today is confirmed by both institutions before going through the formal adoption procedure, it will help millions of them gain access to employment rights.

The directive introduces two key improvements: it helps determine the correct employment status of people working for digital platforms and establishes the first EU rules on the use of algorithm systems in the workplace.

Press Briefing

What the IMF thinks of Milanovic’ Visions of Inequality

Rising economic inequality in many countries, especially the rich ones, in recent decades has emerged as an important topic of political debate and a major public policy concern. Widening economic disparities and related anxieties are stoking social discontent and are a major driver of the increased skepticism about public institutions, political polarization, and populist nationalism that are so evident today. Visions of Inequality, a new book by Branko Milanovic, a leading scholar of inequality, places today’s concerns and debate in context. It is an absorbing account of how thinking about inequality has evolved.

Read it here

Rich Nations and IMF deepen World Stagnation

The Bretton Woods institutions’ (BWIs) annual meetings in Marrakech in October were only the second-ever in Africa. But the rich nations-dominated BWIs failed yet again to rise to the challenges of our times, setting Africa and the global South even further back.

Instead of fostering cooperation to address the causes and effects of the contemporary catastrophe, neither the International Monetary Fund nor the World Bank governors could agree on joint communiques due to the greater politicisation of multilateral fora.

Read the article by Jomo Kwame Sundaram

75 Years of Human Rights and Labour Advocacy

On the 75th anniversary of the Universal Declaration of Human Rights and ILO Convention 87, ILO Director-General Gilbert F. Houngbo calls for intensified efforts to promote and protect these rights and collectively strive for a future grounded in human dignity, freedom, and social justice.

Human Rights Day: 75 Years of Human Rights and Labour Advocacy (ilo.org)

Anthropocene or Corporatocene?

The author  argues that the term ‘anthropocene’ to denote the period of the modern environmental crisis is hollow and a political digression from the reality, and that the crisis is a product of corporate exploitation of the earth’s system. Putting the blame on the entire human society for the environmental crisis is a Western ideological ploy to shield the corporate culprits who have caused the destruction on the strength of their capital and technology. He therefore proposes the term ‘corporatocene’ to mark the epoch of environmental crisis. If anything it is the Western colonization and the invention of the steam engine that are the markers of the start of the pandemic assault on the earth’s natural systems. Obfuscating the debate on this by introducing politically motivated substitutes will only frustrate the efforts to forge meaningful solutions to the climate crisis.

Paper published by the South Center

Consultancy Firms Undermine Governments

Greater government reliance on consulting companies has greatly enriched them while also undermining state capacities, capabilities, national economies, progress, governance and legitimacy = a problem of democracy!

Article by Jomo Kwame Sundaram and Ong Kar Jin

Child Poverty in the midst of Wealth

UNICEF Innocenti’s Report Card 18, out today, presents the most up-to-date, comparable picture of poverty affecting children in OECD and EU countries. It finds that, despite overall decreases in poverty by nearly 8 per cent across 40 countries between 2014 and 2021, there were still over 69 million children living in poverty by the end of 2021.

Read the report

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