Sharan Burrow — Pay people a decent wage. The economy can afford it

The rules of the global economy are rigged against those who have to work to earn a living, and in favour of multinational corporations and the ultra-rich.

It is no accident that, as Oxfam has revealed, the richest 1% own more wealth than the rest of humanity combined. This is inequality by design. The world is facing a huge decent work deficit, and the rules of the global economy need to change.

The just-so story of economic liberalism is that economics is a natural science and economics outcomes are determined by natural processes to the degree that governments do not interfere. Let to itself,  the economy will deliver optimal growth and just deserts for all based on their respective contribution.

The reality is that governments are here to stay. and the rules get written by whoever controls them.

Neoliberalism is based on the just-so story of economic liberalism being the natural state, while using social class, political power and economic wealth to capture governments and write rules favorable to capital (asset ownership) that disadvantage labor (people) and land (the environment).

 

World Economic Forum
Pay people a decent wage. The economy can afford it
Sharan Burrow | General Secretary, International Trade Union Confederation (ITUC)