$1.5-million in seed money

You may notice a general theme - or at least a pattern to these posts: corporate responsibility.

Given the idea that capitalism is the economic model the world has apparently accepted (some lovingly, some grudgingly) then it is within this system that changes need to be made.

Obviously, then, this blog does not enter into the debate as to whether or not capitalism is the only (or the appropriate) economic model for our current status upon this earth.

Rather, this blog is yet another attempt to highlight the faults that capitalism incurs when there are no checks and balances. (We do not presume that any other system would be different in terms of the need to check and balance).

Only, today, we have a good news story on checks and balances.

Today, we are highlighting a check and balance that was orchestrated by high-level players -- players that often get bogged down in ideals rather than producing action-oriented steps.

This week the International Finance Corporation (IFC - a division of the World Bank Group -- an international bank of last resort which is, essentially, owned and operated by the United States of America) joined forces with the International Labour Organization (ILO) to create a plan to improve working conditions in the global supply chain.

The agreement, which is financially backed by a generous $1.5-million grant from the Gates Foundation to be administered by the Grameen Foundation, will help improve labour standards in the global marketplace.

Ironically enough, it was the uber-capitalist IFC that argued for better labour standards stating that better standards promoted better business and this aided the overall economic health of developing nations.

As a result the ILO/IFC agreement will put the $1.5-million grant into microfinance opportunities for people most in need -- helping to stimulate the economy and society from the ground up.

Talk about planting seeds.

For more information on the agreement go to: http://www.socialfunds.com/news/release.cgi/6198.html

For more information on ILO go to: http://www.ilo.org/

For more information on IFC go to: http://www.ifc.org/about