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Labor Standards in the Global Economy Summary

There is also forced overtime on individuals during peak production times. This article also offers ways for investors to evaluate firms.
             Investors should evaluate code conduct. They should make sure the codes prohibit child labor. The codes should also discuss proper safety codes and not discriminate based on race. Also, the investors should make sure that the subcontractors are also aware of the codes and stick to them. There should also be a maximum level of disclosure of the information. Monitoring schemes should also be in place in order to make sure that the codes of conduct are followed. There should be unannounced visits, supplier visits, internal audits of management and subcontractors. The other question should be if non-for profit companies or for-profit companies do the monitoring visits.
             Lessons for Companies Engaged in Business.
             Companies that engage in business internationally should place a large emphasis on corporate codes of conduct to expand regulation. If a corporation sets high levels of standards then they can help fight the problems of work abuse. Firms should possibly asses the local environments. If a company is looking to open up a firm in a country that is trying to attract a lot of foreign investment then the country may have poor standards of working conditions. If a firm assesses the local environment they will be able to determine if suppliers are using cheap labor and can then stay away form those suppliers. .
             They need to also look at human right standards as well. If a corporation uses a supplier in a country that doesn't have human right standards then those countries are unethical as well. Firms have an obligation to educate themselves on the terms that are acceptable. They need to understand domestic labor law and also international labor law since in the future more and more companies will become global players. If a firm is considering whether to invest, purchase goods or services, or operate from a country, firms should definitely consider the level of abuses that exists.


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