The enormous growth in international trade, direct investment and currency dealing, along with the free movement of capital, reflect this economic globalisation. Neo-liberal economic policies, along with the power wielded by multinational corporations and international banks and financial institutions have been some of the main focuses of criticism of globalisation. Negative consequences of globalisation include the poor becoming poorer and the rich richer, i.e. steadily increasing inequality, and growth in the power of corporations and financial institutions at the expense of national governments, i.e. democracy deficit. Social safety nets have become weaker, and those who suffer are the poor and, increasingly, women in developing countries. The explosive growth in information technology and the rapid development of information societies are affecting both industrialized and developing countries.
Globalisation represents an enormous challenge to the trade union movement.
The battle to have fundamental rights applied in practice everywhere in the world is now more urgent. Establishing social safety nets and safeguarding public services are essential for the elimination of poverty and for sustainable development. One objective of this struggle is a change in the policies of the World Bank, IMF, WTO and OECD towards sustainable development. Fundamental rights at work have to be recognized in all international agreements on trade or investment. The role of the UN must be strengthened.