Economic and Financial Committee (Second Committee of the General Assembly)

1. Economic and Financial Committee (Second Committee of the General Assembly)

2. Table of Contents 1.Letter from the Chair 2.Introduction to the Committee 3.Topic 1: A step forward – The advancement of Agenda 2030 a. Introduction b. Explanation of the Problem c. Focus of the Debate d. Bloc Position e. Questions to Consider f. Recommended Readings g. Bibliography 4.Topic 2 : Equity versus Equality - Issues related to economic growth a. Introduction b. Explanation of the Problem c. Focus of the Debate d. Bloc Positions (?) e. Questions to Consider f. Recommended Readings g. Bibliography

3. LETTER FROM THE CHAIR Warmest welcome, delegates! As the dais of the Second Committee of the General Assembly, we would like to express our pleasure in having you as a part of our committee in the WINMUN 2019. We hope you are as excited as us for this conference. We believe MUN conferences are a place where future leaders and global citizens are molded from the valuable skills and experience they acquire. Since our committee deals with some of the most crucial issues in today’s world, it is essential that delegates formulate effective solutions and policies. This is an excellent opportunity for delegates to hone their debating and policy-making skills. We have no doubt that that this committee will be characterized by intensive and effective debates. All in all delegates, don’t be afraid to speak and voice your country’s opinion. Don’t rid your country of a voice in an international platform such as the UN. We understand that conferences can be intimidating but we will assure you that you’re not half as bad you think you are. It is an opportunity for you to grow not only as debaters and writers but also as global citizens who have the power to change the world. Godspeed, delegates!

4. INTRODUCTION TO THE COMMITTEE The Second Committee of the United Nations General Assembly, also referred to as the Economic and Financial Committee forms a part of the six UN General Assemblies. It’s primary spheres of working includes issues of economic growth, question of global financing for sustainable development, globalization, eradication of poverty, communication infrastructure and food security. It consists of 193 member states along with Palestine and the Holy Sea acting as observers. The Second Committee is an excellent representation of democratic ideals as it follows the “one state, one vote” power structure. It convenes every October to discuss matters of global finance. The Committee also meets with the Economic and Social Council annually. The Economic and Financial Committee plays a pivotal role in regulations of economic policies and programs. It has five reporting bodies-UN Environment Program, UN Human Settlements Program, Convention of Biological Diversity, Convention to Combat Desertification and Framework on Climate Change. Under the guidance of its parent organ, the General Assembly and in accordance with the ideals of the United Nations, the Economic and Financial Committee aims to implement peace and security globally in all matters pertaining to economy and finance.

5. Committee: Economic and Financial Committee Topic: A Step Forward- The Advancement of Agenda 2030 Author: HafsaShahid Position: Moderator Introduction The Agenda 2030 comprises of 17 Sustainable Development Goals (SDGs) which direct all global, regional and national development efforts until 2030, and are an urgent call for action by all developed and developing countries in a global partnership. Adopted unanimously by the 193 Member States in a UN Summit held in New York on 25-27 September 2015, the Agenda 2030 was and is targeted towards eradicating all forms of poverty. The United Nations Industrial Development Organization (UNIDO) is a crucial body committed to contributing to the success of the SDGs, while delivering on its mandate to support Member States in achieving inclusive and sustainable industrial development (ISID). The UN 2030 Agenda envisions “a world of universal respect for human rights and human dignity, the rule of law, justice, equality and non-discrimination”. It is grounded in the Universal Declaration on Human Rights and international human rights treaties as well as emphasizes the responsibilities of all states to respect, protect and promote human rights. The SDG highlight the importance of the empowerment of women and of vulnerable groups such as children, young people, persons with disabilities, older persons, refugees, internally displaced persons and migrants. These goals highlight that ending poverty and other deprivations must work simultaneously with strategies that reduce inequality, improve health and education, and promote economic growth whilst combating climate change and striving to preserve the world’s oceans and forests.

6. There are various issues faced globally in all three facets of sustainable development—economic, social and environmental. Nearly 1.1 billion people are living in extreme poverty, and income inequality within and among many countries has increased. Simultaneously, wasteful and unsustainable consumption and production patterns have resulted in huge economic and social costs and may jeopardize life on Earth. To achieve sustainable development, immediate action is required for economic and social prosperity to promote growth and employment whilst strengthening environmental protection. The first Millennium Development Goal target—to cut the 1990 poverty rate in half by 2015, was achieved—five years ahead of schedule, in 2010. According to the most recent estimates of the World Bank, in 2015, 736 million people lived on less than $1.90 a day, down from 1.85 billion in 1990. Although there has been progress in reducing poverty over the past decades, the number of people living in extreme poverty globally continues to be unacceptably high. Based on global growth forecasts, poverty reduction may not be quick enough to reach the target of eliminating extreme poverty by 2030. The progress that has been achieved in recent decades—and its imbalance—are tied innately to changes in the global economy. Rapid growth in some large emerging economies like China and India has led to a partial convergence in living standards, which exists side by side with extreme poverty and a persistence of inequalities. Prospects for inclusive growth, equal access to social protection, and broader sustainable development are undermined by inequality. In the years to come, inequalities, both in developing and in developed countries, may be further aggravated by diverse population dynamics, increased urbanization, rapid population growth, as well as population ageing. Consequently, this will put major pressure on national and local infrastructures and public finance, as well as caregiving, health and education systems. Explanation of the Problem

7. Focus of the Debate   Delegates will be expected to address issues pertaining to the SDG and come up with ways to tackle them as effectively as possible, ranging from but not limited to: The impact of climate change The impact of hunger and malnourishment The impact of income inequality The impact of rapid urbanization, especially in developing countries The impact of rapid globalization The impact of unsustainable management of natural resources on meeting energy needs The impact of recurrence of financial crises The impact of lack of sustainable development in war-torn countries due to other priorities on hand The impact of natural disasters The impact of corruption Strategies need to be comprehensive, ambitious, action-oriented and collaborative whilst adapting to different levels of development. To encourage the preservation of natural endowments, reduce inequality, and strengthen economic governance, they will need to systemically alter consumption and production patterns. Without an effective global agenda, high-income households, in both developed and developing countries, are likely to persist with unsustainable consumption practices at the expense of leaving fewer resources behind for generations to come.

8. Questions to Consider What can LEDCs do to encourage skilled natives to work locally or the return of the skilled migrant from foreign countries to promote growth in the local economies? How does technology play a role in ensuring sustainability, especially in developed countries? How can undernourishment, micronutrient deficiencies and over-nutrition be tackled whilst improving access to food in LEDCs, particularly war-torn countries? What alterations and additions can be made to legislation in nations to work in line with Agenda 2030? What measures can be undertaken to reduce the impact of climate change and human-activity generated emissions? What actions has your country undertaken to achieve the SDG and how impactful have they been? How can nations deal with demographic changes contributing to issues like overpopulation, especially in LEDCs? What measures can be taken to reduce the impact of natural disasters on vulnerable nations? Should MEDCs consider switching from capital-intensive methods of production to increase employment opportunities, especially in LEDCs? Should MEDCs with high consumption increase food prices to reduce food wastage?

9. Recommended Readings & Bibliography http://www.iynf.org/2018/08/a-guide-to-sustainable-development-and-its-challenges-in-developing-countries/ https://sustainabledevelopment.un.org/content/documents/2843WESS2013.pdf https://unofficeny.iom.int/2030-agenda-sustainable-development https://www.ohchr.org/Documents/Issues/MDGs/Post2015/TransformingOurWorld.pdf https://sustainabledevelopment.un.org/post2015/transformingourworld https://www.coe.int/en/web/programmes/un-2030-agenda https://www.unido.org/2030-agenda-and-sustainable-development-goals https://data.worldbank.org/topic/poverty https://sustainabledevelopment.un.org/sdgs https://sustainabledevelopment.un.org/content/documents/11803Official-List-of-Proposed-SDG-Indicators.pdf https://www.theguardian.com/global-development-professionals-network/2014/mar/11/end-world-poverty-unrealistic-inequality

10. Committee: GA-2 Economic and Financial Committee Topic: Equity versus Equality - Issues related to economic growth Author: YogavarshiniVelavan Position: Chair Introduction Since this agenda revolves around two distinct economic ideologies, comprehension of the terms “Equality” and “Equity” is of utmost importance. Moreover, it is crucial that delegates view these two terms from an economic perspective in laws, fiscal policies, trade regulations etc. Equality: Equality with regards to economics refers to an idea where all citizens have the same playing field after the consideration that are equal in their economic standing. This leads to the formulation of laws and economic policies that are uniform throughout a state. All citizens are treated equally; none is given exclusive treatment. Equity: Equity represents a polar opposite to the abovementioned. Equity is viewing different groups of citizens distinctly with regards to their economic status. It provides a fair playing field to all the citizens. Since, not all citizens are considered the same, policies and legal framework vary according to the economic background.

11. Explanation of the Problem One area where the distinction between equity and equality can be seen in a country is the taxation policies. Some nations follow the equality model where personal income is not under consideration for taxes. Others are inclined towards a taxing system where citizens are also required to pay income taxes which vary depending on the individual’s earning. Another instance is the policies of the World Trade Organization which is an international organization established to oversee the global trade and policies related to trade. The WTO’s primary is trade liberalization and establishing a free and equal market. However, criticism has been raised from several smaller countries that the organization maintains a bias to towards rich and powerful countries and corporations. They claim that the organization forces smaller countries to liberalize their markets but allow bigger countries to retain trade barriers and high import duties which provides them with an unfair advantage. Equity and Equality also play an important role in government policies. For example, most countries display economic equality in subsidization of resources. Here, the rich and the poor pay alike for the same articles. Moreover, equity comes into play when institutions and organizations recruit or admit candidates from lower economic groups to promote uniform growth throughout.

12. Focus of the Debate Ideally, the committee should be debating upon the benefits and pitfalls of adopting either of the abovementioned economic ideals in fiscal and monetary policies with the member states standing for equity, for equality or supporting an amalgamation of these two. The primary objective of the committee should be to come with new economic policies and modify current fiscal plans for the better that will aid the UN and the ECOFIN in their mission. While formulating solutions, delegates must ensure that their proposals further our committee’s purpose such as but not limited to economic growth, financing for sustainable development, globalization, eradication of poverty and food security. The committee may also recommend financial policies to member states that may help develop their infrastructure, support their economic development and facilitate global trade. Delegates may also recommended to look into the workings and programs of international monetary bodies. Delegates must also be well aware of their country’s taxation, trade, resource distribution policies etc. in order to take a stand on the topic.

13. Due to all nations having a central aim of equality and equity, there will likely be no countries that disagree with each other and with constructive debate the committee may be able to reach a unanimous and comprehensive resolution to the issue, however, due to trade conflicts arising in recent months, it is also equally likely for the committee to be divided on the method of resolving this issue on the rationale of their own economic policies. There are no specifics to which country may support what policy other than this basis. Bloc Positions

14. Questions to Consider Is it possible for all member nations to agree upon and adopt either equity or the equality in their economic policies? Will this uniformity improve global economic growth? Even if a country were to adopt either one of the economic models, can this ideology be applied in all areas of legislation and policies in the country? Will an individual be more likely to be inclined to support a specific policy due to his or her economic background? What will be a better economic structure for global financial, trade and economic organizations? How will monetary and taxation policies be accordingly altered to fit either of the views? Will adopting either of the economic policies motivate and provide incentives to individuals or states to better their situation? How do these economic ideologies bring about change in other spheres of our existence like social and educational fields? Is it possible to have a amalgamation of both ideologies or an entirely new economic perspective?

15. Recommended Readings & Bibliography https://www.slideshare.net/toejamatic/31-equalityequity https://en.wikipedia.org/wiki/Tax https://www.diffen.com/difference/Equality-vs-Equity https://www.imf.org/external/pubs/ft/issues/issues16/ https://publichealthonline.gwu.edu/blog/equity-vs-equality/ https://en.wikipedia.org/wiki/Criticism_of_the_World_Trade_Organization https://en.wikipedia.org/wiki/Equity_%28economics%29 https://en.wikipedia.org/wiki/Subsidy https://www.economicshelp.org/blog/2473/economics/efficiency-vs-equity/ https://www.economicsonline.co.uk/Managing_the_economy/Inequality_and_equity.html https://factualfallacy.wordpress.com/2016/07/03/economic-equity-vs-equality/ http://www.differencebetween.net/language/difference-between-equity-and-equality/ https://bizfluent.com/about-7230309-economics--equity-vs--efficiency.html http://culturalorganizing.org/the-problem-with-that-equity-vs-equality-graphic/