The World Economic Crisis and Social Policy

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An economic and financial crisis has engulfed the world. Banks have collapsed, stock prices have slumped and there has been an unprecedented decline in the economic activity. The crisis began in 2007, in the wake of the financial and real estate speculation in the United States, but it came after a long period of international financial instability, trade imbalance and several local or regional crises.
By late 2008, the crisis had spread to many countries. Governments responded with massive emergency measures, but the crisis continued to spread and large numbers of workers have been laid off all over the world.
Many see the crisis as an opportunity (for renewing) to renewed regulation and democratic re-structuring of the global economy. But solutions are complicated by the depth of the crisis, by the lack of strong global institutions, and by overlapping crises in the environment, natural resources and global trade.


The capitalism crisis shows how unprepared the world is to handle the economic problems with the social issues. The inequality is seen as the bigger obstacle to improve goals such as citizenship and democracy.
When founding the United Nations in 1945, member states agreed to work together to promote “economic and social advancement of all peoples.”
There are topics that are worth mentioning. Time passes by, poverty and income inequality are on the rise, many people endure terrible working conditions, and the world population also faces an alarming environmental crisis. The reality is way too far from the ideal theory, and which intrigues the people. And also makes the population frustrated and disappointed at the political world.


While the UN and its related institutions try to promote development, other powerful institutions and actors dominate the global economic system. The World Bank, the International Monetary Fund and the World Trade Organization have tremendous power over global social and economic policy. However, these actors generally represent the interests of the rich while silencing the voices of the poor. Until what point the economic side will prevail over the social one?
Meanwhile, most UN member states fail to live up to promises, although we need a reform in the global system, a fair state to ensure the human rights and environmental standarts, where UN could have a stronger role in social and economic policy.


Making politics work isn't simple. We need to show people what's in their long-term interests. We need to show them how the future could be better and bond together to create the conditions for that better future. We need to bring forward new ideas, and connect people who are passionate about seeing them implemented. We need to demand transparency in government, elect the best politicians we can find, and hold somebody accountable for doing something. We need, in short, to spread, grow, and protect democracies. The world need to believe that we can change instead of just complain and blame the government. People cannot give up and forget about hope. We can transform the reality and do the maximum to be as closer as possible to the ideal.

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