A 14-minute master class on all that's wrong with global supply chains.
BTS: Georgios, thanks for joining us. Can we start by asking you to explain why ILC 2016 was so important?
GA: It was dealing with an important issue – global supply chains – which involve a number of major governance gaps. The economy has globalised over recent decades but the institutions and means to govern the economy haven’t caught up. This year’s ILC and the wider push towards a global supply chain convention was therefore crucial because it was about building towards global governance. Without that, we have problems. Currently, the way supply chains are structured ensures a race to the bottom when it comes to labour standards and wages. The lower these are, the more value big companies can capture – which is why they like things the way they are.
