Human Rights Economy

The Human Rights Economy (HRE) is a concept introduced by the United Nations. It envisages economies that are consistent with human rights laws. It is a conceptual framework introduced by the Office of the United Nations High Commissioner for Human Rights (OHCHR) indicating that all individuals and organs of society need to respect human rights (preamble, art 29). The OHCHR advocates for the adoption of the Human Rights Economy to ensure that economic and social decision-making are guided by human rights law. The concept posits that by applying human rights law to all aspects of society, a more equitable and sustainable economy will be created. The Human Rights Economy, like human rights, applies to all political and economic systems.
Definition
According to the OHCHR a Human Rights Economy places individuals and the planet at the core of all economic, social, and environmental policies, plans, and programs. The Human Rights Economy framework aims to ensure that development, economic, industrial and trade policies, investment decisions, business, and consumer choices are guided and their success measured by human rights norms and standards. Further, the Human Rights Economy actively encourages free and meaningful participation, empowers marginalized groups, and deliberately strives to eliminate discrimination and reduce inequalities. It seeks to dismantle structural barriers and impediments to equality, justice, well-being, sustainable growth, and shared prosperity at both national and international levels.
History
The human rights economy is an attempt to rekindle the letter and spirit of the Universal Declaration of Human Rights (UDHR).
The UDHR was written in the context of the atrocities of World War II and the Great Depression. The drafters designed the document to apply to all aspects of society to create peaceful, prosperous, and inclusive societies; a world free from fear and want.
Human rights were to apply to all political and economic systems.
The human rights economy is designed to contribute to the thinking of what is next after the period of neoclassical economics, as again there is growing consensus that the economic system has contributed to skyrocketing inequalities of wealth, income and power and have contributed significantly to environmental degradation and climate change.
Norms and Principles Underpinning a Human Rights Economy
The Human Rights Economy is based on the vision of the ,and reflects the universality, indivisibility, and interdependence of all human rights and their application to everyone.
The Human Rights Economy operationalizes all human rights treaties including , , , , both the First Optional Protocol (1976) and the Second Optional Protocol (1989), , and , among others within the economy.
Related Concept to the Human Rights Economy
The Human Rights Economy is related and shares some goals with the Green Economy, Circular Economy, Blue Economy, and Feminist Economy. Human rights economics and human rights based economy. The Human Rights Economy is fully grounded on preexisting legal obligations found in human rights treaties. Thereby, providing ostensibly an agreed and legally binding framework to be applied to the economy.
Use of Human Rights Economy
Recently, the Human Rights Council (HRC) acknowledged the concept of the Human Rights Economy in ResolutionA/HRC/53/28 on the contribution of Development to the Enjoyment of all Human Rights. During the Roundtable 3, Human Rights 75 High-level Event on 12 December, 2023 the Human Rights Economy was used in the light of the discussion of “The Future of Human Rights, Development and the Economy”. Civil Society Organizations (CSOs) such as Human Rights Watch and the Universal Rights Group have utilized the concept. Economists Professor Jayati Ghosh , Mariana Mazzucato and Darrick Hamilton have likewise expressed their support for the implementation of the Human Rights Economy. Further, academic institutions including the New School,Raoul Wallenberg Institute, and the University of Tokyo by Professor Ai Kihara-Hunt have shown support and endorsement of the Human Rights Economy concept and vision.

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