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Gender, Well-Being, and the Global Economic Crisis

Exploring the impact of the global economic crisis on gender equality, family well-being, and resources, this study advocates for feminist responses to reduce inequality and enhance long-term growth. It highlights the importance of increasing resources available to households, creating new jobs, and implementing macroeconomic policies that prioritize job creation and gender-sensitive state spending.

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Gender, Well-Being, and the Global Economic Crisis

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  1. Gender, Well-Being, and the Global Economic Crisis Stephanie Seguino University of Vermont

  2. Macroeconomy Resources (jobs and public spending) • Family well-being: • Material • Psycho/Social Caring labor (paid and unpaid)

  3. Impact of Crisis Resources decline Family well-being declines Paid labor declines, Unpaid caring labor increases

  4. The financial crisis leads to a real crisis: • Jobs lost: • Gender effects depend on sectors affected, degree of job discrimination; • Income falls, material resources for household squeezed. • Tax revenues fall, state spending squeezed; • Resources for paid care decline while caring needs increase. • Unpaid labor increases; frequently women are the buffer.

  5. Feminist responses to decline in family well-being • End “cowboy”capitalism – reduce insecurity and inequality.

  6. Macroeconomic policies to reign in “cowboy” capitalism • INCREASE RESOURCES available to households • Increase available jobs: • Central bank policy: job creation, not inflation targeting. • State spending in gender sensitive manner to ensure women have access to jobs, spend in ways that reduce care burden.

  7. Policies to reduce volatility: • Tame global finance: • Tax speculative behavior • Example: Currency Transactions Tax • Use tax to fund global social insurance • Advocate for G-8 to keep aid commitments to poor countries to finance stimulus packages: reflects concern with global distribution of care.

  8. Advocate for capital controls: • Reduces macroeconomic instability; • Allows developing countries to lower foreign exchange reserves which can be used for public spending.

  9. This is transformational moment • Feminist scholars and activists have evidence to argue: • “Cowboy” capitalism not sustainable, undermines long run growth; • The benefits of gender equality for family well-being and long-run economic growth; • For transformational stimulus packages that create conditions for long-run growth. • For role for the state to regulate, redistribute.

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