“After more than three decades of experience with a corporate-led model
of globalization, it is clear that this particular model of
globalization has failed workers, farmers, and the environment, while
facilitating the vast enrichment of a privileged few. The emergence of
the global financial and economic crises of the last five years have
exposed many negative impacts of policies, such as: deregulation of the
financial sector resulting in financial collapse and job loss;
commodification of the agricultural markets resulting in food price
volatility and hunger; ’race to the bottom’ liberalization policies for
production leading to deadly calamites, such as the collapse of the
factory in Bangladesh where more than 1000 textile workers perished;
intellectual property monopolies limiting global access to life-saving
medicines; and corporate-trade-expansion (rather than
trade-for-development) policies exacerbating the climate crisis. Despite
this incredible harm, these liberalization, deregulation, and corporate
monopolization policies form the backbone of the current global trade
system, consolidated by the World Trade Organization (WTO) since 1995.”
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