Luc Triangle, the General Secretary of ITUC, shared an important message at the 2025 World Economic Forum in Davos. Since its creation, the Forum has aimed to connect global businesses with leaders, but this has coincided with rising inequality. Oxfam’s recent report reveals that billionaire wealth grew three times quicker in 2024 than in the previous year. Technological advancements only highlight the faults in our current economic model.
People worldwide are losing faith in their governments because they haven’t delivered the prosperity workers need. There’s a pressing need for a New Social Contract, yet the Forum’s noted innovators continue to cling to outdated ideas.
Here are some key issues we face:
- In the latter half of the last century, governments failed to create essential social safety nets in the global trade and investment system, leading to unequal wealth distribution.
- Human and labor rights must be respected across global supply chains. However, enforcement remains a challenge for businesses and investors.
- Despite a century-old agreement to provide a living wage for all workers, many end up with multiple low-paying jobs just to survive, while labor’s share of income continues to shrink.
- There’s a lack of fair taxation measures for wealth, and debt burdens are choking countries striving to recover from colonial-era exploitation.
At the Forum, discussions turned to the impact of Artificial Intelligence. While investors are eager to leverage its efficiencies, there are real concerns about its social ramifications.
The elite at the WEF have significant power over the lives of the vast majority, making it crucial for democratic governments to hold them accountable.
Warnings about the dangers of unchecked economic growth are evident, but leaders still seem to favor the status quo. Luc Triangle stood out as one of the few critical voices, meeting with influential figures to emphasize the urgency of reforming globalization.
“We have the tools, opportunities, and funds to fix the system and avoid repeating past mistakes,” said Luc Triangle.
He insisted that the upcoming World Summit for Social Development in Qatar should ensure that everyone benefits from global trade. To achieve this, we need decent jobs and a transition to a sustainable economy that respects everyone’s rights. This includes fair working hours, living wages, and necessary social protection.
Real change demands mandatory human rights measures, a global tax standard, and a focus on debt restructuring and cancellation. By taking these steps, we can ease current tensions and begin to build a fairer world anchored in a New Social Contract.
