GLOB.IDEALIZATION MOND.IDÉALISATION - Faculty of Social ...

James Wellstead | Universal Human Rights
financial institutions like the International Monetary Fund (IMF) or the G-
20, 49 has become abundantly clear. These swings in vast sums of money
greatly restricted national macroeconomic policies, particularly monetary
policy, from providing a risk-averse environment for international
investors. 50 When these crises do strike, lenders of last resort, typically
international or national financial institutions, impose conditions – like the
IMF’s structural adjustment programs [SAPs] – on the loans they give which
are aimed at buoying national capital accounts and providing economic
stability. 51
In the case of SAPs, these conditions have greatly reduced the
states’ ability to provide funding for education, housing and health programs
for the millions of people who depend on these services. Such policies have
left the UN Special Rapporteur on the Realization of Economic, Social and
Cultural Rights with the belief that:
[SAPs] continue to have a significant impact upon the overall
realization of economic, social and cultural rights, both in terms of
the ability of people to exercise them, and of the capability of
governments to fulfill and implement them.... 52
49 The Group of 20 most economically powerful nations (G-20) has begun to play a role in
shaping fiscal and monetary policy carrying enormous implications for global economic
policy decision-making.
50 Singh, Kavaljit. Questioning Globalization. New York, NY.: Palgrave-Macmillan, 2005. p. 116
51 This is an issue in countries which maintain a pegged-currency. However, in cases where
currencies float freely, countries are just as susceptible to swings in currency levels and
maintaining the favour of international currency traders is important for maintaining
economic stability.
52 McCorquodale and Fairbrother 746.
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