hide message

Welcome to the Resource Centre

We make it our mission to work with advocates in civil society, business and government to address inequalities of power, seek remedy for abuse, and ensure protection of people and planet.

Both companies and impacted communities thank us for the resources and support we provide.

This is only possible because of your support. Please make a donation today.

Thank you,
Phil Bloomer, Executive Director

Donate now hide message

[DOC] The Monster under the Bed: Financial Services and the Ruggie Framework

Author: Mary Dowell-Jones (University of Nottingham Human Rights Law Centre) & David Kinley (University of Sydney), Published on: 1 January 2011

The work to develop the ‘protect, respect and remedy’ Framework…together with its ‘operationalising’ Guiding Principles, has coincided with one of the worst financial crises to hit the global economy and financial system in many decades. The social and individual welfare impacts have been wide-ranging and devastating…a raft of human rights have been threatened or undermined, including rights to food, water and an adequate standard of living, to health, education and adequate housing…as well as health and safety in the workplace and the right to work itself. In the advanced economies, the ‘socialisation’ of financial sector losses through State bailouts has...[lead] to...savage budget cuts which could undermine human rights...Lying between financial sector failings and the adverse human rights impacts they generate there are layers of financial complexity…as well as the long extra-territorial reach of financial activity, that even regulators have struggled to monitor...The globalisation of financial services has not been accompanied by sustained attention to their impact on the global poor...[also refers to J.P. Morgan and Citigroup]

Read the full post here

Related companies: Citigroup J.P. Morgan (part of JPMorgan Chase) JPMorgan Chase