ITUC: Time for democratisation of global institutions
The ITUC calls for a major democratic reform of the international financial architecture as a key demand in its For Democracy campaign, as the International Monetary Fund (IMF) and the World Bank hold their spring meetings.
The share of global wealth that goes to wages has fallen by 13 per cent over the past 40 years, even as the world economy has quadrupled in size. This is largely a result of falling trade union density caused by the long-term erosion of workers’ rights detailed in the ITUC Global Rights Index.
Workers are increasingly forced to take strike action as employers take profits for themselves and shareholders while refusing even modest pay demands.
Instead of supporting working people and their dependents, many governments side with bosses and keep the real value of wages at such low levels that families are struggling to survive. The right to strike was violated in nine out of 10 countries last year.
Read ITUC’s article
Described as the Bank’s “corporate flagship”, B-Ready presents itself as an index that supposedly measures the business and investment climates in 180 economies worldwide annually.
ITUC’s Analysis https://www.ituc-csi.org/IMG/pdf/b_ready_memo_en.pdf
There is an urgent need to coordinate an international response to the major financing gaps affecting social protection systems around the world.
ITUC’s annual World Economic and Social Outlook suggests that:
The current model of globalisation puts profit ahead of people. The flawed rules of the global economy see working people take home an ever-smaller share of the wealth they create while corporations are allowed to extract, exploit and undermine. These rules are human-made and we can change them. It’s time for a New Social Contract between workers, government and business.
In June 2019, governments, workers and employers are coming together for a historic meeting to negotiate the International Labour Organization (ILO)’s Centennial Declaration. This is a once in a generation opportunity to let us fix the global economy and get it working for people.
What do we want:
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