Two new studies by the International Labour Organisation (ILO) have called for an urgent re-thinking of development and labour market policies.
According to both publications, dubbed Beyond Macroeconomic Stability and Creative Labour Regulation, conventional macroeconomic and labour regulation policies are failing, and as a result global economic recovery had been much slower than expected.
The publications, which were made available to the Ghana News Agency on Wednesday by the ILO, called for new and coordinated thinking in policy-making and highlighted the linked fates of the developed and developing worlds.
The two books share one critical theme, which is the failure of existing policies in the areas of macro-economic policy and labour regulation to achieve their objectives before the crisis, during the crisis and after the crisis, the ILO Deputy Director-General for Policy, Sandra Polaski was quoted as saying.
According to the studies, even countries with minimal exposure to the financial crisis, such as India and South Africa, have suffered sizable income and employment losses as a result of declining exports.
The studies observed that as the Great Recession increased unemployment and the incidence of part-time and informal work in advanced economies, policy-makers across the globe faced similar obstacles to ensuring sustainable and inclusive development that was grounded in decent work.
The "Creative Labour Regulation" publication in particular argued that labour regulation policies too are in crisis.
The publication stated that "the Rana Plaza tragedy and industrial disputes from the United States to Cambodia have exposed the failure of both state regulation and corporate social responsibility to protect the most vulnerable workers".
The publications emphasised the urgency of finding policy and regulatory interventions which ensure formal, well-paid and high quality employment, and offer innovative analyses and proposals on macroeconomic and regulatory policies that should be combined to generate these results.
Credit GNA
Facebook
Twitter
Pinterest
Instagram
Google+
YouTube
LinkedIn
RSS