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The rules of globalisation: A place for labour

Contrary to popular myth, the most serious threat to workers from globalisation is not trade or investment, on which many of our members depend for their livelihoods, but the erosion of the legitimate role of the state, and in particular the effective public regulation of markets.

The last

20 years of the 20th century were dominated by the leitmotif of liberalisation, privatisation and deregulation. At the same time governments were stepping away from their responsibilities to set a policy framework, whether in tax rates, economic policy management, interest rate policy or exchange rate policy

But the need for a framework of mechanisms for global market governance is clear from events such as Californian power cuts in the wake of energy deregulation, British rail crashes in the wake of privatisation and a corporate governance crisis following the collapse of Enron in the United States. The key debate at the beginning of the 21 st century is how to guarantee effective public regulation.

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