How International Financial Institutions Undermine Worker Rights
Author(s)
Adaba, Gemma
Abstract
The new guidelines on governance adopted by the IMF and the World Bank at this year’s Annual Meetings are to be welcomed. It is a positive step that these institutions are now explicit about their contention that corruption on a large scale can be a factor seriously affecting economic development and are willing to apply conditionality in this area. However, good governance needs to be defined more broadly so as to incorporate respect for human rights, including trade union rights. The existence of vibrant civil society institutions, including trade unions, provides one of the best guarantees for maintaining transparent accountable government. There is clear evidence from around the world of a correlation between undemocratic, repressive regimes and the incidence of graft and corruption. For that reason, the G8 Denver Declaration covering “Democracy and Human Rights” emphasized the joint importance of “good governance and the rule of law, strengthening civil society, expanding women’s political participation, and boosting business and labor support for democracy.”
