Acting A New Social Contract With Decent Jobs, Universal Social Protection And The Reform Of Global Governance For Fiscal Space

This Policy Brief proposes a systemic perspective and reform proposals at the intersection of three interconnected policy areas, namely 1) decent job creation policies including through revisited industrial policy; 2) universal social protection for all working and non-working; and 3) a reform of the macro-economic frameworks for creating fiscal space and addressing policy (in)coherence among global governance institutions in the debt crisis management and financing for development. In the context of major technological and environmental transitions, we also highlight the importance of financing and managing “just transition” policies with a focus on closing the social divides through jobs, social protection, and fiscal policy. @ We emphasize the intersectionality of these policies for addressing inequalities (both of outcomes and of opportunities). A Global New Deal that is supportive of a new Social Contract needs to tackle both the rebalancing of representation and decision making in global governance between the Global North and South, a significant increase in mobilization of domestic and international resources, a larger policy and fiscal space for tackling inequalities and enabling just transitions, and a major shift in rebalancing economic and social priorities. The G20 under the Brazilian Presidency can play a critical role in drawing on multiple competing narratives to build common understanding and promote much-needed policy shifts and coherence in key policy areas highlighted in this Policy Brief and across the G20 tracks, the Finance and the Sherpa Tracks.