On the occasion of the World Social Forum in Belem, the International Trade Union Confederation (ITUC) has released a statement on the global economic and financial crisis. For the ITUC, the financial markets of today are characterised by the reckless pursuit of quick profits against a background of unbridled economic and financial liberalisation. Casino capitalism is clearly to blame for the scale of the crisis. The financial markets have failed their primary mission, which is to ensure the financing of the real economy. Another key factor underlying the crisis are the imbalances arising from excessive market deregulation and the non-intervention of States. On the fringe of the WSF, the ITUC, ITUC-CSA (Trade Union Confederation of the Americas) and the Brazilian trade union organisations CUT, FS and UGT are organising a World Trade Union Forum from 28-30 January. It is open to all the organisations and movements present in Belem. The Decent Work Alliance, led by the ITUC, the ETUC, Solidar, the Global Progressive Forum and Social Alert, is also organising events during the WSF on the following themes: a new financial architecture to ensure decent work; a global welfare state; and the decent work, decent life campaign.
The ITUC underlines that without a social dimension, globalisation has forced workers from the North and South to compete with each other to attract multinationals and private equity funds whose profits were constantly soaring until the onset of the current credit crisis. "A new model of growth must be developed without further delay; a model based on market regulation and that generates green growth, which will spawn huge opportunities in terms of job creation," said Guy Ryder, general secretary of the ITUC. The ITUC defends the idea of an economic system that is ecologically sustainable, socially just, geopolitically balanced, and that takes on board the proposals of the trade union movement and other civil society actors.
To read the full statement: >>> here.
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