They were subjected to increased pressure to deregulate and open their economies. Eventually, this resulted in the deregulation of their financial systems, and they became the key victims of today's global economic disaster.
The consequent financial instability has resulted in slow economic growth. This further translates into increased unemployment rates, lower wages and greater overall insecurity of the nation. The correlated, general upward price movement of goods and services in the economy has made it difficult for consumers to even buy the products that they produce. The WTO has not been held accountable for the disruptive rules and regulations that they imposed and it has also avoided responsibility for the negative impact it has had on the workers and environment. The system has destabilized the national and local efforts to legislate and normalize the conditions. They WTO have exploited the deeply rooted social values that they live by.
During the cold war, labor unions played a mainly geopolitical role defined by anticommunism. Strong Unions were essential tools for the development of democracy. By the end of the cold war, all labor unions lost that international political significance and were now considered to be an obstacle to business interests. ...Show more