THE REPORT OF THE WORLD COMMISSION

There is an urgent need to rethink current institutions of global economic governance, whose rules and policies it says are largely shaped by powerful countries and powerful players. The unfairness of key rules of trade and finance reflect a serious "democratic deficit" at the heart of the system. The failure of policies, it argues, is due to the fact that market-opening measures and financial and economic considerations have consistently predominated over social ones, including measures compatible with the prerogatives of international human rights law and the principles of international solidarity. Says the Report of the World Commission on the Social dimension of Globalization