Portside

This 8 May, we remember a pivotal moment in human history: working people were at the forefront of the defeat of fascism in 1945. What came next was just as important. Workers and their trade unions shaped a new world order based on democracy, human and trade union rights, and justice.

But now, in 2025, once again we are called upon to defend democracy against an existential threat. This time, it comes from a number of internationally-networked, far-right billionaires and politicians who seek to seize control of global affairs no matter the cost to society at large.

The billionaire coup

At the International Trade Union Confederation (ITUC), representing 200 million workers in 169 countries and territories, we see the danger clearly. An alliance of tech elites, corporate giants and far-right political forces is advancing what can only be described as a billionaire coup against democracy. These extraordinarily wealthy few are pursuing a shared objective to exploit economic despair caused by decades of austerity politics, dismantle hard-won rights and assault democratic institutions that were painstakingly built to serve the common good.

Their goal is clear: to shift power away from the people and entrench it permanently in the hands of a global oligarchy. They act through political capture, corporate lobbying and disinformation campaigns, tearing apart the social contract upon which democracy stands. If they succeed, the consequences for workers, communities and the planet, will be catastrophic.

The ITUC has sounded the alarm in an open letter to heads of state, governments and international institutions. Our message is simple: the time for half-measures is over. We must stop the billionaire coup and take back democracy through a new social contract written for working people, by working people.

The solution

This New Social Contract is not a dream; it is a necessity. It is also a framework democratically adopted by trade unions around the world in 2022. Now in 2025, we are drawing attention to ten of its concrete demands. These ten policy areas are those which the billionaire coup is working rapidly to undermine and thus which must most urgently be addressed:

• Universal fair taxation. For decades, governments have allowed the richest individuals and corporations to avoid paying their fair share. It is time for the fair taxation of wealth and capital, the closure of corporate tax loopholes, and a binding United Nations Framework Convention on Tax to ensure multinational corporations pay taxes where they earn their profits.
• Regulation for corporations, not for individual lives. Deregulation has handed power to unelected corporate actors while stripping rights from workers, women, migrants and minorities. Mandatory due diligence, binding instruments on supply chains and stronger regulation of corporate lobbying are essential to restore balance.
• Public, good quality education for all children. Education is a right, not a commodity. Governments must reverse austerity, invest in public education, and ensure fair conditions for teachers and students alike.
• Public services for the people, not for profit. Privatisation has eroded essential services, deepening inequality. Privatisation must end and be replaced by a massive reinvestment in public infrastructure to rebuild trust and prosperity.
• Healthcare, retirement and social protections. This is a human right, yet billions lack even basic social protection coverage. Governments must expand funding, restore benefits and support health and care workers with fair wages and decent conditions.
• Living wages and workplace democracy for all. Stagnant wages and soaring corporate profits have deepened poverty and injustice. It is time for governments to guarantee living minimum wages, strengthen collective bargaining and protect union rights.
• Climate action with a Just Transition. Workers are facing the horror of climate chaos while elites plan to escape its consequences. We need binding climate plans that include commitments to quality jobs, strong labour rights and the direct involvement of workers unions.
• Freedom and equality for all. Billionaire-backed far-right forces are fuelling a backlash against women, migrants, LGBTQI+ people and marginalised communities. Governments must fully implement international commitments like ILO Convention 190, enforce protections, and fund inclusive policies.
• Peace not war. Militarism diverts resources away from people’s true needs. A peaceful future demands disarmament to fund reinvestment in social services, and a partnership with workers’ unions to rebuild democratic societies.
• Migration and justice. Corporations move freely across borders to maximise profits, while migrants face violence, detention and criminalisation. Migrants are workers, not criminals. Safe, legal migration pathways, equal treatment and the right to organise are essential pillars of democratic societies.

Much of the post-war system of multilateralism has been hollowed out. Mainstream political parties have collaborated with the agenda of deregulation, neoliberalism and neglect – leaving vast swathes of people disillusioned and disenfranchised, and creating a vacuum eagerly filled by far-right extremists and billionaires alike.

But collapse is not inevitable. There is an alternative. Together, we can imagine and build a future where power is shared, not hoarded; where economies serve people, not corporations; and where international institutions are accountable to those they are meant to serve.

As we honour the sacrifices of those who defeated fascism, we must summon the same courage and solidarity to resist and defeat the billionaire coup, and forge a democratic renewal. The workers of the world are taking urgent action. Governments and institutions must do the same — before it is too late.

The International Trade Union Confederation (ITUC) represents 191 million workers in 169 countries and territories and has 340 national affiliates.