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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

Protecting Human Rights in Supply Chains: Lessons from Bangladesh

In cooperation with the European Center for Constitutional and Human Rights, FES provides a new perspective showing how industry initiatives can help...


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How COVID-19 fuels the digital gender divide

It is high time to act and re-imagine our digital future in Asia.


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Who will foot the bill?

Global tax havens are still siphoning off vast sums of money. As Covid-19 continues to wreak havoc, the EU needs to step up. More on ips-journal.eu.


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17.11.2020

The State of Tax Justice 2020 - Tax Justice in the Time of Covid

For the first time, a report documents tax losses using OECD transparency data on multinational corporations’ financial affairs.


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Redefining Europe-Africa Relations

In this study for FES Prof. Robert Kappel analyses the economic relationship between the European Union and Africa and puts forward proposals for a...


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15.10.2020

The other second wave

At the annual meetings of the World Bank and IMF, the future of austerity will also be discussed.


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More articles are available here.


Publications

PEET - the Political Economy of Energy Transition in Southeast Europe

Barriers and obstacles
Sarajevo, 2021

Download publication (12 MB, PDF-File)


Sommers, Jeffrey; Briškens, Kaspars

Three decades of transition

Lessons learned and prescriptions offered for Latviaʿs economic development
Riga, 2021

Download publication (570 KB, PDF-File)


Unequal Sweden

Regional socio-economic disparities in Sweden
Stockholm, 2021

Download publication (1,3 MB PDF-File)


Blockmans, Steven

The EU's new trade policy

Dr Steven Blockmans
Singapore, 2021

Download publication (2 MB, PDF-File)


The Tunisian debt crisis in the context of the COVID-19 pandemic

Debt repayments over human rights?
Tunis, 2021

Download publication (740 KB 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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