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However, when child labor is burnt the entire economy may be deflected towards another equilibrium that may not be inferior to the first equilibrium (Basu, 2003). The global labor standards should therefore not ban child labor whenever it is deemed to be happening but ensure that conditions for banning child labor are compatible with adherence to the Pareto principle.
It is a fact that certain contracts, unanimously accepted by both sides, can lead to Pareto improvement. Nevertheless, if the contracts were to be allowed and used by the masses, there would be significant changes in market parameters that would leave some people worse off. Global labor standards should use the large numbers principle to justify banning of certain kinds of contracts like unjust labor practices.
In as much as the international labor organizations would want to use the above named principles to check against unjust labor laws a lot of care has...
Discretion has to be sought when any intervention is to be executed. Theory has to be supported by empirical evidence that a given intervention satisfies the spelt out criteria. International labor standards should help poor countries therefore any intervention has to be formulated by the poor countries. International labor organizations have to work more actively to give voice to poor nations in international fora where policies are crafted in their interest. This is the only sure way to do away with labor injustices.
References List
Basu, K. (2003). Global Labor Standards and Local Freedoms. Retrieved from www.wider.unu.edu/publications/.../en.../annual-lecture-2003.pdf
Neeman, Z. (1999). The Freedom to Contract and the Free-Rider Problem. Journal of Law, Economics and Organization 15(3): 685-703.
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