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Fair trade - Essay Example

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It can, hence, be thought of as an alternative to a laissez-faire regulation of the economy. It is a means of assuring that economic transactions and…
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Download file to see previous pages This implies that national sovereigns can be more hesitant to handle occurrences of non-conformity with internationally agreed rules and regulations by private companies. Countries and governments have the obligation to establish paradigms for co-existence, including the deference of principles such as the protection of worker’s rights in the global labour market (Hayes 2006).
Globalization of production is generating a broadening irregularity in the international marketplace; there is an unparalleled level of technology transfer as well as capital mobility across national borders. Alternatively, labour mobility is under numerous constraints, from requirements for visa to work-related authorization. The sovereignty for monetary flows in financial markets does not qualify the labour market. As capital markets are being internationalized, labour markets, on the other hand, are becoming sterile and turning out to be ever more dysfunctional.
Unregulated monetary flows can create distresses and insecurity, such as East Asian currency crisis 1997 and the Mexican Peso crisis of 1994. Nonetheless, there is one more, less acknowledged instability in the form of increasing exploitation, inequity and prejudiced employment practices in international labour markets. Some have proposed a ‘race to the bottom’ in which high capital mobility looks for cheap labour in administrations and eagerly evades social norms and labour codes. This pattern can merely be stopped and countered through a universal recognition of and conformity to central labour standards, guaranteeing that every market, comprising labour markets, operate efficiently and even-handedly. A trade structure founded on capital-labour irregularity puts off equitability in employment as well as in income prospects among the ‘stakeholders in the Global Family.’ (Bauder 2006). It creates instability, and most importantly, inequality.
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