Education International
Education International

ILO study examines remedies for financial crisis

published 5 September 2011 updated 6 September 2011

The International Labour Organisation's Bureau for Workers' Activities (ILO/ACTRAV) has published the proceedings of a conference it held where researchers assessed evidence from the beginning of the global crisis to identify which policies would work best for the challenges ahead.

In an introduction to the proceedings, where ILO researchers joined economists from other international organisations and academic institutions, Dan Cunniah, Director of ILO/ACTRAV, said: ”Three decades of a social experiment with radical market-oriented policies have not only failed to deliver decent standards of living to most workers around the world, but have brought us to the brink of a major world depression.”

The International Journal of Labour Research's editor, Pierre Laliberté, added: ”In the aftermath of the greatest systemic crisis since the 1930s, it has become clear that the economic orthodoxy that brought us to the brink has by and large failed to draw any lessons from the crisis: on the contrary, it has reasserted itself."

“Worse, after governments and central banks used every lever at their disposal to shore up the financial system and prevent another depression, the cost of Wall Street's excesses is now for the rest of us to pay. Without strong resistance and credible policy alternatives, it becomes evident that workers in general – and the public sector more specifically – are in for 'shock therapy' treatment.”

In further contributions from academics and researchers, including: Michael Sommer; Robert H. Wade; Eckhard Hein; Iyanatul Islam; Trevor Evans; Carlos Salas; Anselmo dos Santos, and Hansjörg Herr, these developments were examined and possible remedies to the threats were identified, including better respect for international labour standards and trade and financial reform.

To download the publication please click here: http://www.ilo.org/wcmsp5/groups/public/---ed_dialogue/---actrav/documents/publication/wcms_158927.pdf

For more information on the Research conference ’Key Lessons from the Crisis and Way Forward’, please click here: http://www.ilo.org/public/english/bureau/inst/research/rc-index.htm