The countries that were the showcases for globalization's success are now in economic shambles. The economic crisis that began in Asia is now ricocheting around the world. Russia is in default, Japan in recession, and Africa and Latin America in financial turmoil. The new global economy has had a profound and at times destructive impact on the majority of Americans and of people around the world. Given that most people have had little say in designing or governing the global economy, the current structure of the global economy violates the fundamental right of people to equality and self-determination as proclaimed in the U.S. Declaration of Independence and the Universal Declaration of Human Rights.
Uncontrolled globalization threatens the very sustainability of local and global environments.
And today the global economy has entered a crisis that threatens the economic security and well-being of people throughout the world. Their aim is to build a new global economy that benefits poor and working people and the environment rather than despoiling the planet and its people to enrich a wealthy elite. A group of progressive legislators, nongovernmental organizations, trade unionists, and expert advisers have recently helped draft the Global Sustainable Development Resolution, incorporating many ideas drawn from this international dialog. The resolution lays out a path for reconstructing the global economy based on labor and human rights, protection of the environment, and new initiatives to encourage socially and environmentally sound national and local development. Following the lead of Germany, Japan, and other developed countries, the resolution calls for tighter controls on currency movements and international cooperation to manage exchange rates.