This paper is meant to discuss the international financial crisis. I will offer the research project that may explain how the on international crisis influenced human rights. I will provide a brief summary of the crisis and enumerate several sources for my research project.
The international financial crisis actually began to demonstrate its impact in 2008. Financial institutions and international stock markets collapsed, and administrations in even the richest states tried to save own financial systems. The fall down of the American mortgage market and turnaround of the housing boom in industrialized economies have had an impact all over the globe. Moreover, other flaws in the worldwide financial system have appeared. Certain financial goods have become so composite, that trust in the whole system started to fail. Credit crunch and higher costs of borrowing led to job cuts.
The international crisis influenced everyone. And I think it is very important to investigate the way the international crisis has affected human rights conditions. The corresponding research paper will allow me to show latest years have seen recognition economic issues and human rights go hand in hand.
To prove this statement I am going to utilize the Amnesty International Report 2009. It shows the influence of the worldwide crisis on human rights, calling for a novel deal on human rights to move hand-in-hand with any suggested financial solutions. The international financial crisis followed by economic crisis which let to human rights crisis, asserts Amnesty in the 2009 report (Khan, 2009). This report demonstrates that millions slide into poverty as a result of the crisis. And BBC reports that the World Bank notified of “human catastrophe” in the poorest countries unless some further actions done to undertake crisis (Global crisis ‘hits human rights, 2009).
Two of American best economists James Heintz and Radhika Balakrishnan have tied together the apparently dissimilar topics of the international crisis and human rights, demonstrating how these two issues are connected and why human rights have for so long been shockingly absent from debates about the economy. What does the international crisis have to do with the human rights? The international crisis has shattered jobs, decreased levels of living, increased economic risks for usual individuals, and driven human beings into poverty, especially females and human beings of color. Worldwide, the entirety costs are much higher (Balakrishnan, Heintz, 2010).
Three main global investment banks almost collapsed in 2008, sending shock waves right through the whole economy. This situation occurred as they had been allowed to borrow too much against too small capital and to grow enormously large. This crisis was caused by the behavior of these institutions and the incapability of the administration to take some steps to stop the risky behavior from taking place. The government failed to stop financial executives from taking steps that followed by the international economic crisis. It removed rules governing markets that may have helped to hold the harm and safeguard the benefit of the populace. The administration also failed in observing the financial system when new products, like mortgage-backed securities were presented. Individuals with mortgages were hit by the administration’ failure to defend them. Incentives encouraged lenders to utilize defenseless borrowers while the administration looked the other way. New regulatory legislation has to take the necessary duty to defend seriously. A failure to do this over the last years evolved the economic issues that have overwhelmed the world. Populace required the reform which could protect the financial and social rights of human beings and defend them from the greediness of the financial market.
In my research paper I am also going to utilize the results of a meeting of the UN International Labor Organization in Geneva. The results will highlight the impact of the international crisis on the more than twenty million individuals working in the financial sphere worldwide. According to ILO report, 325,000 people in the sector have lost their jobs between August 2007 and February 2009. Nearly 40% of these losses were cut since last October, demonstrating how job losses have gathered speed in recent months (Global economic downturn imperils human rights – UN, 2009). High Commissioner for Human Rights Navi Pillay asserted the crisis has exposed violations and enlarged the amount of casualties of abuse and hardship. The economic crisis is worsening human rights mistreatments – while distracting global leaders from managing them (Global economic downturn imperils human rights – UN, 2009).
My research paper will also highlight the other impacts of international financial crisis concerning human rights.
Paradoxically, crisis was not all bad in human rights terms. American tight budgets encouraged several states, counting New Mexico, to reconsider usage of the death penalty that is far more expensive than long-lasting imprisonment.
To make a conclusion, I have to say that for a long time the rules of markets have been biased toward the interests of financial sphere and not the population. People require a shift that can make the government accountable for all fundamental human rights. Turmoil is bad for human rights, and this crisis is not an exception. The results are not merely the clear ones – poverty, setbacks in higher education and healthcare, regress in economic development. The reaction of administrations also risks human rights abuse. For a start, growing joblessness gave rise to protests. Without countervailing pressure, administrations were convinced to respond with violence. Usual workers attempting to evolve labor unions were more at risk of punishment. Women experienced more discrimination than before that (Roth, 2009). Meanwhile, administrations, troubled by extraordinary financial demands and debts, are not likely to undertake pricey schemes to promote human rights.
1. Balakrishnan, Radhika. Heintz, James. “Why Human Rights are Indispensable to Financial Regulation.” 29 March 2010. Huffingtonpost.com. Retrieved from: http://www.huffingtonpost.com/radhika-balakrishnan/why-human-rights-are-indi_b_517128.html
2. Khan, Irene. “It’s not just the economy, it’s a human right crisis.” 2009. Report2009.amnesty.org. Retrieved from: http://report2009.amnesty.org/en/introduction
3. “Global economic downturn imperils human rights – UN.” 23 February 2009. Un.org.Retrieved from: http://www.un.org/apps/news/story.asp?NewsID=29986
4. “Global crisis ‘hits human rights.” 28 May 2009. News.bbc.co.uk. Retrieved from: http://news.bbc.co.uk/2/hi/8071347.stm
5. Roth, Kenneth. “G20: The summit must not forget human rights.” 2 April 2009. Guardian.co.uk. Retrieved from: http://www.guardian.co.uk/commentisfree/2009/apr/02/g20-world-human-rights