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Financial Crises from the Perspective of Human Rights: Globalization, Market, Human Rights, and Global Economic Governance |
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Abstract:
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Globalization has various forms and waves and today ?financial? globalization is central to the contemporary wave of globalization. Financial globalization then has been destructive in terms of economic and social well-being of citizens in many developing countries. Since the early 1990s, a large amount of private capital has flown from advanced industrial economies to developing countries and there have been a series offinancial meltdowns in developing economies: Mexico (1994/5), Asian Financial Crisis (1997/8), Brazil (1998), Russia (1998), Turkey (2001), and Argentina (2001). Right after financial crises, in the financially-stricken countries there were massive human sufferings in the forms of the dramatic increase of unemployment, poverty, suicide rates, the number of homeless people, and the marked decrease of social welfare programs. There has been a flood of literature on the issue of financial crises (especially since the Asian Financial Crisis in 1997/8) written by numerous international economists and political economists. It is yet a much less developed area to approach this issue from the perspective of human rights. There may be two reasons for that. First, although economic and social rights are formally recognized under international agreements, it is true that political and civil rights have been prioritized in human rights discourses and practices. Second, it is widely known that there has been a huge disconnection in terms of both theory and practice between International Political Economy (particularly International Development) and Human Rights communities. But in my view, Henry Shue argues, minimal economic subsistence is one of ?Basic Rights? that are required for the enjoyment of all other rights. Today our economic and social rights are increasingly located in a global market structure. Then a global market has not always been benign, but rather destructive in its financial integration to hundreds of millions of people particularly in many parts of the developing world. Thus today it is extremely important to understand the mechanism of a global market structure from the perspective of human rights. In this paper I will focus particularly on financial globalization, which is conceived of being central to the contemporary wave of globalization and attempt to demonstrate how structural violence of economic and social rights occurs in the process of global financial integration by using case studies. In the second part of this paper, I will address the issue of global economic governance from the viewpoint of human rights. My basic argument is that transnational human rights groups should pay more attention to the structural violence of economic and social rights in this age of globalization and be more participatory in constructing global economic governance in cooperation with the International Development community. In particular, I will focus on the future role of transnational human rights groups as transnational pressure groups or global opinion leaders in restructuring international economic institutions such as IMF and World Bank and leading socially responsible investment movements. Basically my view is that an ?unbridled? global market should be tamed or balanced at both national and international or transnational levels. At the international or transnational level, a global civil society should play a greater role in taming or balancing it. In this paper, I seek to answer why it should and attempt to make a couple of suggestions on how to do it from the standpoint of universal human rights. |
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right (150), financi (140), econom (101), social (85), countri (63), capit (62), global (60), open (54), argentina (53), human (50), market (47), develop (41), 2002 (41), see (40), crisi (39), thailand (36), rate (35), peopl (34), especi (32), privat (31), foreign (29), |
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Association:
Name: International Studies Association 48th Annual Convention URL: http://www.isanet.org
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Citation:
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MLA Citation:
| Choi, Ji Young. "Financial Crises from the Perspective of Human Rights: Globalization, Market, Human Rights, and Global Economic Governance" Paper presented at the annual meeting of the International Studies Association 48th Annual Convention, Hilton Chicago, CHICAGO, IL, USA, Feb 28, 2007 <Not Available>. 2009-05-24 <http://www.allacademic.com/meta/p178576_index.html> |
APA Citation:
| Choi, J. , 2007-02-28 "Financial Crises from the Perspective of Human Rights: Globalization, Market, Human Rights, and Global Economic Governance" Paper presented at the annual meeting of the International Studies Association 48th Annual Convention, Hilton Chicago, CHICAGO, IL, USA Online <PDF>. 2009-05-24 from http://www.allacademic.com/meta/p178576_index.html |
Publication Type: Conference Paper/Unpublished Manuscript Abstract: Globalization has various forms and waves and today ?financial? globalization is central to the contemporary wave of globalization. Financial globalization then has been destructive in terms of economic and social well-being of citizens in many developing countries. Since the early 1990s, a large amount of private capital has flown from advanced industrial economies to developing countries and there have been a series offinancial meltdowns in developing economies: Mexico (1994/5), Asian Financial Crisis (1997/8), Brazil (1998), Russia (1998), Turkey (2001), and Argentina (2001). Right after financial crises, in the financially-stricken countries there were massive human sufferings in the forms of the dramatic increase of unemployment, poverty, suicide rates, the number of homeless people, and the marked decrease of social welfare programs. There has been a flood of literature on the issue of financial crises (especially since the Asian Financial Crisis in 1997/8) written by numerous international economists and political economists. It is yet a much less developed area to approach this issue from the perspective of human rights. There may be two reasons for that. First, although economic and social rights are formally recognized under international agreements, it is true that political and civil rights have been prioritized in human rights discourses and practices. Second, it is widely known that there has been a huge disconnection in terms of both theory and practice between International Political Economy (particularly International Development) and Human Rights communities. But in my view, Henry Shue argues, minimal economic subsistence is one of ?Basic Rights? that are required for the enjoyment of all other rights. Today our economic and social rights are increasingly located in a global market structure. Then a global market has not always been benign, but rather destructive in its financial integration to hundreds of millions of people particularly in many parts of the developing world. Thus today it is extremely important to understand the mechanism of a global market structure from the perspective of human rights. In this paper I will focus particularly on financial globalization, which is conceived of being central to the contemporary wave of globalization and attempt to demonstrate how structural violence of economic and social rights occurs in the process of global financial integration by using case studies. In the second part of this paper, I will address the issue of global economic governance from the viewpoint of human rights. My basic argument is that transnational human rights groups should pay more attention to the structural violence of economic and social rights in this age of globalization and be more participatory in constructing global economic governance in cooperation with the International Development community. In particular, I will focus on the future role of transnational human rights groups as transnational pressure groups or global opinion leaders in restructuring international economic institutions such as IMF and World Bank and leading socially responsible investment movements. Basically my view is that an ?unbridled? global market should be tamed or balanced at both national and international or transnational levels. At the international or transnational level, a global civil society should play a greater role in taming or balancing it. In this paper, I seek to answer why it should and attempt to make a couple of suggestions on how to do it from the standpoint of universal human rights. |
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9085 |
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| Prepared for the ISA conference Chicago Illinois Feb.28 – Mar. 3 2007 (This is a draft and please do not quote this paper) Financial Crises in Human Rights Perspective: Financial Globalization and Structural Violence of Economic and Social Rights in Developing Countries Ji Young Choi Dept. of Political Science Purdue University choi41@purdue.edu Financial Crises in Human Rights Perspective: Financial Globalization and Structural Violence of Economic and Social Rights in Developing Countries Introduction Along with political and civil rights economic |
| Kim (eds.) Politics and Markets in the Wake of the Asian Crisis. N.Y.: Routledge. World Bank 1999a (www.worldbank.org/poverty/eacrisis/library/socialnote1.pdf]). World Bank 1999b (www.worldbank.org/poverty/eacrisis/library/socimpacts.pdf:12). World Bank 1999c (www.worldbank.org/poverty/eacrisis/countries/thai/health1.htm). World Bank. 2001. “Poor People in a Rich Country: A Poverty Report for Argentina ” Washington DC: The World Bank. World Bank. 2002a. “Argentina’s Crisis and Its Impact on Household Welfare ” Working Paper N.1/02 (www.bancomundial.org.ar). World Bank. 2002b. “The Argentine Health Sector in the Context of the Crisis ” Working Paper N.2/02 |
Similar Titles:
A Grand Illusion? The Relationship between Foreign Economic Penetration and Human Rights in Less Developed Countries
The Link Between Economic Globalization and Human Rights Abuses in Developing Countries
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