Gray, Workers' delegate, United States, Itoh, Workers' delegate, Japan, Kara, Workers' delegate, Israel, Lettieri, Workers' delegate, Italy, Mayaki, Workers' delegate, Niger, Mookherjee, Workers' delegate, India, Mpangala, Workers' delegate, United Republic of Tanzania, Parrot, Workers' delegate, Canada, O'Donovan, Workers' delegate, Ireland, Ramirez Leon, Workers' delegate, Venezuela, Rampak, Workers' delegate, Malaysia, Sahbani, Workers' delegate, Tunisia, Sanchez Madariaga, Workers' delegate, Mexico, Sibanda, Workers' delegate, Zimbabwe, To make socially useful banking feasible, and to create stable conditions for the creation of decent work, it is important to reduce the volatility of financial flows in and out of national economies.
Governments can introduce capital controls and stop inflows and outflows of short-term speculative funds. Malaysia did this during the Asian financial crisis of , and as a result was one of the first countries to recover from that crisis.
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It is vital that the International Monetary Fund IMF changes its policy and supports such moves, rather than encouraging developing countries to keep larger reserves of foreign currency to tide them over periods of volatility. The latter policy is like requiring all motorists to carry higher levels of accident insurance rather than putting traffic lights at road junctions.
To complement socially useful banking, there must be just and democratic public finance. This means fair taxation and equitable public expenditure, with citizen participation in determining priorities and monitoring and evaluating outcomes. Women scholars, activists, and elected representatives have done much to try to transform government budgets in the 16 years since the Beijing Platform for Action called for gender-responsive budgeting.
However, gender-responsive budgeting has not as yet fully engaged with the macroeconomics of budgets at the national level, with the issues of how tax systems can be equitably reformed to generate more revenue, with how high public expenditure should be, or with what is the appropriate policy on budget deficits. These kinds of policies determine how much is actually available for allocation at the places where women have won more voice—at local level.
This is the next frontier and will require more collaboration between progressive feminist economists, activists, and elected representatives. Taxes need to be fair not only in terms of gender and class, but also in terms of the relative contributions of households and individuals on the one hand and businesses and banks on the other. All over the world there has been a shift in the balance of contributions, with businesses and banks, especially large ones, paying a smaller and smaller share, and taking advantage of tax havens.
Many governments are not raising enough tax revenue, and there is an urgent need to stop tax avoidance and evasion. Gender-responsive budgeting also needs to engage with questions of fiscal expansion and fiscal austerity. The response to the financial crisis in many countries was an expansion of the deficit as part of a stimulus package. But now, in a large number of countries in both North and South, deficit reduction and fiscal austerity have priority. Claims that there are no alternatives to expenditure cuts need to be evaluated, and governments reminded that well allocated public expenditure can reduce inflationary pressures by relieving supply bottlenecks.
Of course, there is a risk that public expenditure will not be used in ways that support equitable and sustainable development, and so there must be continued pressure for women, especially low-income women, to have more say in its allocation and evaluation. Markets are a critical component of a just and equitable economy, provided they are fair and balance competition with cooperation.
There is a need to scale up such marketing alternatives, by building larger-sized retailers and distributors that operate on principles of mutual benefit to producers, consumers, and traders, rather than on the principle of making profits for shareholders. Fair trade in international markets requires changes to the regulation of international trade. Trade liberalization definitely means a rise in imports; it may, but does not necessarily, lead to a rise in exports.
There is no guarantee that low-income people who lose their livelihoods through competition from cheaper imports will gain new employment in export sectors. If there are to be more equitable forms of development, new trade agreements must be preceded by credible and properly funded systems of social protection, so that any low-income person who loses her or his livelihood is fully compensated.
More equitable development also requires rethinking the non-discrimination provisions in international trade agreements. In these agreements, non-discrimination is defined in terms of the principle that the same rules should apply to all businesses, irrespective of whether they are domestic or foreign owned.
However, as is well recognized in human rights agreements, the application of formally equal rules to very unequal actors tends to institutionalize discrimination and lead to substantively unequal outcomes.
The same principle needs to be recognized in international trade agreements, allowing governments in poor countries to treat domestic firms differently from foreign firms, so as to enable the former to improve their productivity. Demands for developing countries to liberalize imports need to be put on hold until their business owners, workers, and farmers have been able to develop the skills and acquire the technology that would enable them to match the productivity in developed countries.
A just and egalitarian economy needs property rights associated not only with ownership, but also with tenancy and use of communal resources to be much more widely dispersed. This can take place not only through redistributing title to land, but also through support for small businesses, as well as support for collective forms of ownership and management, including cooperatives, employee-owned enterprises, municipally owned enterprises, and local committees for the management of natural resources. In all cases, support needs to be given to women to have rights, and exercise them, on the same basis as men.
Moreover, formal title to individual property is not enough. It has to be supported by access to public services, infrastructure, and credit; by contracts to supply the public sector; and by collective organization. The main, and often only, property of the majority of people in many countries is, of course, their own capacity for work.
Labor rights must also be strengthened, including rights at work and to organize collectively. An important way to reorient economic policy in support of equitable, just, and sustainable development is to put the realization of economic and social rights at the forefront of such policy. But these obligations are not in the forefront of the minds of ministers of finance, who may not even know of their existence; even if the ministers are aware of them, they may think that promoting economic growth will take care of them.
The crises of finance, food, and fuel have shown how far that is from being the case.
It is necessary for finance ministers to pay direct attention to the realization of economic and social rights. States that are parties to the ICESCR are under an obligation to ensure the satisfaction of, at the very least, minimum essential levels of each of the rights in the Covenant. This means that a State party in which any significant number of persons is deprived of essential foodstuffs, of essential primary health care, etc. Even in times of severe resource constraints, States must ensure that rights are fulfilled for vulnerable members of society.
There is a strong presumption that retrogressive measures on the part of a State are not permitted.
An example of a potentially retrogressive measure would be cuts to expenditures on public services that are critical for the realization of economic and social rights, or cuts to taxes that are critical for funding such services. For example, cutting government spending on health and education, while not cutting expenditure on arms, will likely violate the principle of nonretrogression. The importance of the rights to food, to work, to an adequate standard of living, and to social security has been particularly highlighted by the crises.
These rights cannot be fully realized overnight, but progress can be made everywhere in their realization, giving priority to those who least enjoy them and introducing new laws to entrench these rights as legal entitlements, available to women as well as to men.
Even though the immediate drama of the financial crisis has died down, the need for alternative thinking has not gone away. Many developing countries in Latin America and Asia experienced a slowdown in economic growth, rather than a recession, and their GDP growth has recovered though employment growth has lagged behind. But despite these shifts in the global balance of economic power from the North to the South, there has been a dispiriting trajectory toward returning to the same public policy stances and practices that were in place before the crises erupted.
This book does not aim to offer panaceas.
The process of changing development paradigms is not easy, and the conditions for bringing about equality and sustainability vary across the world. It is right that there should be vigorous debate about how to organize and what alternatives to propose. There is no one path to the creation of equitable, just, and sustainable development. Goals and targets may help us get there, but only if they are embedded in a fuller vision of what development should be and may become.
General comment 3: The nature of States parties obligations Art. December UN doc.
Jain, D. Vision for a better world: From economic crisis to equality. If post-crisis economies are to meet the goals of social justice and environmental sustainability, more will have to be changed than the international financial system. T he financial crisis that began in the United States and parts of Western Europe in had by early become a global recession encompassing loss of jobs and incomes in all parts of the world. It has called into question neoliberal macroeconomic policy; Keynesian economics has been rediscovered.
Fiscal stimulus and regulation of finance are again on the agenda to try and ward off a worldwide economic depression. There is more space now for alternative thinking. Indeed, the Financial Times has been hosting a discussion on what a new form of better-regulated capitalism should be built. However, despite declarations that the Washington Consensus is dead, the G20 seem to see the way forward in terms of giving more power and money to its architects: the International Monetary Fund IMF and the World Bank.
And while the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System Stiglitz Commission —set up to reflect on the causes of the crisis, assess its impacts, and suggest adequate responses—has put forward some far-reaching reforms of international finance, more will have to be changed than the international financial system, if post-crisis economies are to meet the goals of social justice and environmental sustainability.
As well as a financial crisis, there is a food crisis and a climate change crisis. We need to rethink what goods and services we want to produce and consume, and what criteria we are going to use to judge economic success.
Measures to end the crisis will fail if they simply seek to restore growth and greed. Across the world, an increase in privately produced and consumed goods and services has been used as the hallmark of success. Instead of creating economies in which caring relations are valued, and the work of care is socially recognized and shared equally between women and men, care is being commercialized and delegated to low-paid women. The goal of social justice has been forgotten, or it is considered only as an afterthought. The development that women are getting is not the development that women dreamed of when they struggled for equal enjoyment of human rights.
Some forms of subordination of women have indeed weakened: typically the most visible forms of patriarchal power diminish as women enter labor markets and do paid work outside the home. Neoclassical economics the economics of the Washington Consensus reflects and reinforces the idea that consumer capitalism can deliver the good life. However, there are some resources to resist these trends in several currents of thought that challenge the dominance of this thinking. Another important resource is environmental economics, but that is beyond the scope of this chapter.
The human development approach challenges the merely instrumental treatment of human beings as factors of production in the service of economic growth. This chapter puts forward an evaluative framework based on guaranteed social entitlements rather than the opportunity to go to the shopping mall, and it advocates for economic strategies that give a central place to social investment for social consumption rather than private investment for private consumption.
Instead, first place would be occupied by individual rights to use collectively owned resources, maintained and expanded through decentralized, democratic, and egalitarian tax and expenditure systems, supporting diverse ways of producing and using goods and services, regulated in ways that prevent harmful spillover effects.
There would still be room for other forms of economic rights—rights to buy, sell, and use individually owned resources—but they would not dominate and would operate in a context that ensures that people are guaranteed an adequate standard of living in their own right.
The Prince accordingly ordered the merchants each to take what he recognized as his own ; and this being done he divided the rest equally between them. Arafa Mwamba, along with other women in her community, works as a solar engineer in Chekeleni, Tanzania. When they were gone Codadad' s next care was to inquire of the lady in what direction she wished to travel, promising that he and the Princes would conduct her in safety to any place she might name. At one point in the video, an employee took a blood-soaked towel and threw it across the line at his coworker. This Book have some digital formats such us :paperbook, ebook, kindle, epub, fb2 and another formats. However, she did not lose her passion for painting.
Markets would be transformed from being masters to being servants; at the same time, state agencies would cease to be alien forms with ascendancy over people and would be transformed into agencies that seek to protect, promote, and fulfill human rights. Mainstream neoclassical economics assumes that the best—the optimal—economy is one that maximizes the utility that consumers get from buying goods and services in the market.
Such an economy is judged to have achieved an efficient allocation of resources. To put it another way, it is assumed that policymakers should first try to maximize the economic pie, and then address social justice issues through redistributing the pie once it is baked.
To maximize the pie, it is assumed that the best method is production by privately owned, profit-seeking businesses operating in markets that are regulated in ways that promote competition between such businesses. Although, in theory, efficiency can be defined in relation to any set of rights over resources, in practice it has been defined in relation to the rights over resources characteristic of free-market capitalism. Thus the rights that count are property rights over land, equipment, buildings, etc. Efficiency and satisfaction of consumer wants are seductive concepts.
No one is in favor of waste, or for settling for less than can be achieved, and shopping can be an enjoyable pastime—provided one has money to spare. But neoclassical economics gives particular meanings to these ideas.