We are witnessing the worst global recession for generations. The impact of global market failure and financial crisis is costing millions of jobs and livelihoods, and jeopardizes the future of working families everywhere.

The current global economic crisis demonstrates that 30 years of ideologically driven free market policies followed by most domestic governments, and advocated by most global institutions, has not only eroded the standard of living of working people and undermined workers’ rights, it has undermined the ability of governments and global institutions to regulate economic activity properly and made it more difficult to cope with this crisis.

Hundreds of billions of pounds and dollars of support are being provided to financial institutions which pay out billions of dollars of bonuses to top executives while tens of thousands of lower level bank employees find themselves out of a job. Under the current reprivatisation schemes being floated by our various governments, taxpayers will absorb the toxic debt of financial institutions, leaving the profits to the private sector that created the current crisis.

The governments of the U.S. and Canada are attempting to provide some financial support to the manufacturing sector, particularly the auto companies and their suppliers. In contrast, the United Kingdom stands idly by with hundreds of thousands of manufacturing jobs at risk of being permanently lost.

Governments around the world must step forward to provide meaningful economic stimulus to mitigate the impact of what is rapidly becoming a devastating worldwide recession. They must also begin to reestablish their role in regulating economic activity in a manner that ensures that the interests of working people are properly addressed.

Workers Uniting brings together two of the most powerful trade unions in the western world representing between us over three million workers in Britain, Ireland, the United States and Canada. Both of our unions have independently argued for immediate and medium term strategies to address the consequences of the financial mismanagement exercised over recent years by the private sector.

This paper builds on those arguments and our shared values of fairness and equality to provide a strategic and sustainable recovery plan that incorporates the following principles:

1) Policies must be immediately implemented by domestic governments to encourage job retention and job creation in the manufacturing sectors, and policies should be implemented that will facilitate sustainable growth and the transition to a greener economy.

2) Full employment, retirement security, fair wages and decent working conditions must be fundamental objectives of domestic economic policy and pension regulation, and governments should ensure international agreements do not undermine these objectives.

3) Financial markets, financial institutions and tax systems must be regulated in ways that increase transparency to the public, make it more difficult for corporations to avoid taxes by moving capital to lowtax jurisdictions, reduce the risk of damaging speculative “bubbles” in financial markets and limit the use of excess and unjustifiable executive compensation. Furthermore, financial markets should be regulated in a manner that ensures they serve the needs of the productive economy and the public at large.

4) Freedom of association and the right of workers to organize and engage in collective bargaining should be promoted throughout the world and these freedoms and rights should be supported by domestic legislation and regulatory regimes. Furthermore, governments should ensure international agreements do not undermine these freedoms and rights.

5) Effective and sustainable public services should be available to the citizens of all countries, including but not limited to: health care, education, housing and childcare.

6) Policies should be implemented to reduce inequality among nations, citizens, peoples, genders and classes through fair and progressive tax systems, effective public institutions and regulation, and the promotion of human rights.

7) The objectives of full employment, promotion of human rights and labour rights, and preservation of our ecosystems should be included as part of the mandate of international trade agreements and global institutions such as the World Bank, the World Trade Organization and the International Monetary Fund. Furthermore, these institutions should be subject to public scrutiny regarding their performance in fulfilling that part of their mandate.

8) Financial markets, financial institutions and tax systems should be regulated in ways that increase transparency to the public, make it more difficult for corporations to avoid taxes by moving capital to lowtax jurisdictions, reduce the risk of damaging speculative “bubbles” in financial markets and limit the use of excess and unjustifiable executive compensation. Furthermore, financial markets should be regulated in a manner that ensures they serve the needs of the productive economy and the public at large.