Globalisation has turned transnational corporations into decisive
and powerful global actors. Correspondingly, the legal
and actual power of states to regulate corporate behaviour
has declined. As a result, transnational corporations can profit
from a general race to the bottom in social and labour standards.
As is now widely perceived, the race does not stop short
of international human rights guarantees, including ILO international
labour standards.
Globalisation, Business and Human Rights