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Global Economy and Corporate Responsibility

Focusing on the Common Good

From a progressive perspective, there is no doubt that global economic, trade and tax policies serve a higher goal. Primarily, they are instruments to reduce inequality within and between states and between the Global North and Global South. A beneficial global economic order serves the common good: It provides solutions to social issues, instead of exacerbating them.

With the 2030 Agenda for Sustainable Development, the United Nations have created a set of guidelines for the economic system of the future, and for our work as well.

Together with our partners, we are committed to shaping the global economic system so that it benefits the common good, and to implementing the Goals of the 2030 Agenda – all over the world. In this, our emphasis is on trade and tax policies and also the topic of corporate and investor responsibility.

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News About Global Economy and Corporate Responsibility

China’s Role in the Multilateral Trade System

14.09.2022

A recent analysis conducted by the FES explains what is driving Beijing’s foreign trade policy and reflects on how Europe should respond.


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Inflation, pandemic, climate change: the urgent need for progressive taxation

09.09.2022

States have a choice: they can opt for austerity programs or they can decide to put in place taxes on those who have taken advantage of the crisis to...


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Too big to fail: Still a problem – A look at development finance

Too Big To Fail-financial firms play a crucial role in the chronic net outflow of financial resources from the global south to the global north. Shows...


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China and the global financial architecture

China is a critical component of the global financial architecture as both a member of the international institutions and as an institution-builder....


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Global Tax System Reform – will it help to address the Plight of African Women?

26.04.2022

Chenai Mukumba (Tax Justice Network Africa) is sceptical that this will succeed. She explains why in a new FES W7 blog post.


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Protecting Women in Global Supply Chains? Gender-just Legislation is the Only Way!

08.04.2022

Multinational companies have so far failed to adequately protect women’s rights and promote gender justice. A new FES W7 blog post by Franziska Korn...


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More articles are available here.


Publications

Belarus change tracker

June-August 2022
Kiev, 2022

Download publication (530 KB PDF-File)


Uncovered: the role of the IMF in shrinking the social protection

Case studies from Tunisia, Jordan and Morocco
LaMarsa, 2022

Download publication (3,9 MB PDF-File)


Rehbein, Kristina

A decade of rosy forecasts

How the IMF underestimated debt risks in the MENA region
LaMarsa, 2022

Download publication (230 KB, PDF-File)


A., Odonbaatar

War in Ukraine and its impacts on Mongolia's economy

Ulaanbaatar, 2022

Download publication (3,5 MB PDF-File)


Nallbani Hoxha, Rudina

Kosovo's Sovereign Fund

Wise investment management or pipe dream?
Prishtina, 2022

Download publication (1 MB, PDF-File)



Global Economy, Corporate Responsibility and Progressive Politics

Seen from the progressive standpoint of Social Democracy, there is no doubt that the role of economic policy must be to promote prosperity for society as a whole, and to reduce inequality within and between countries. A progressive global economic order solves social issues instead of exacerbating them.

First and foremost, this means that the social benefit derived from economic actions needs to be front and center at all times. The interests of powerful, well-connected players such as investors or corporations must not be allowed to override the common good. Just like a state's citizens, economic actors have both rights and obligations: They are protected by the state but must also: adhere to the law, preserve public assets such as the environment, pay taxes, and be held responsible for any damage caused.

Because large transnational corporations often put these obligations last, states and parliaments must regulate them. The economy should be under democratic control, both nationally and internationally. Strong and democratically legitimate institutions are required to provide oversight of the global economy. The establishment of an effective system for “Global Economic Governance” is one of the most important tasks of our time, to ensure that all human beings – and not just the “1 percent” – can benefit from economic growth.

2030 Agenda: A Guide to Tomorrow's Economy

With the United Nation's 2030 Agenda, the international community has given itself a set of guidelines for shaping the global economy in the future: One person's prosperity should not come at another person's expense, or at the expense of upcoming generations. Future economic activity needs to be guided by sustainability principles and the common good. This is the only way in which states will reach the Sustainable Development Goals (SDGs), which cover issues such as reducing poverty and inequality and addressing the effects of climate change.

In our work on economic issues, we are committed to:

  • reining in international financial markets,
  • reforming international trade policy,
  • fundamentally reshaping the international tax system and
  • making transnational corporations adhere to labor rights, human rights and environmental standards.
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