Fair Globalisation & the Need for Policy framework

Fair Globalization refers to equal and fair opportunities for all the economies across the world. The final report of the ILO’s World Commission on the Social Dimension of Globalization recommends that the potential of globalisation can be better harnessed to address the needs, concerns, and aspirations of a large number of people in the world. According to the ILO report, globalisation can be a process of a strong social dimension based on universally shared values and respect for human rights and individual dignity.

Globalization should be fair, inclusive, and democratically governed, and it can provide opportunities and tangible benefits for all countries and people. Fair globalization can be achieved by a government ensuring that the labour laws of the country are followed and that the workers are not exploited.

To achieve this, the government needs a policy framework that regulates and promotes the following.

Governments must ensure that workers and communities are protected from the negative impacts of globalization, such as job displacement and income inequality. This can be achieved through social safety nets, such as unemployment insurance, as well as policies to promote workers’ rights and social inclusion.

Governments shall support incentives to promote ethical practices in national and multinational organizations, as well as government measures to promote corporate social responsibility.

The government must also support small manufacturers to improve their performance and compete with large manufacturers. All types of subsidies, training and development programs, and easy loans i.e. at a low rate of interest would help small manufacturers to compete with multinational companies.

If necessary, the government may raise tariffs on imported goods relative to domestic goods (goods produced at home). necessary. Another method of trade barrier on imported goods of a specific type of goods is a government subsidy to a particular domestic industry to protect the domestic industries. The government can also negotiate at the WTO for ‘fairer rules’. The government can align with other developing countries with similar interests to fight against the domination of developed countries in the WTO.

The government policies shall promote environmental sustainability through regulation and incentives to promote clean energy and reduce greenhouse gas emissions, as well as measures to promote sustainable land use and conservation.

Investment in education, healthcare, and other social services, including measures to address social inequalities such as gender and race-based discrimination can help ensure that the benefits of globalization are shared more equitably.

Conclusion:

Fair globalization requires a policy framework that promotes strong labour laws to ensure workers are not exploited, social protection for all class people, environmental sustainability, investment in human capital, regulations on responsible corporate behaviour, and international cooperation to minimize the negative impacts of globalization. For fair globalization, policymakers, businesses, and civil society shall work together to build a more sustainable and inclusive global economy.

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