Gender, WellBeing, and the Global Economic Crisis

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 cowboycapitalism 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.