StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

The Gender Implications of Current Global Financial Crisis - Essay Example

Cite this document
Summary
The paper "The Gender Implications of Current Global Financial Crisis" states that the global financial crisis has shifted the burden of excessive financial risk-taking to people. It has led to a global economic crisis due to a credit freeze as a result of a lack of confidence in lending…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98% of users find it useful
The Gender Implications of Current Global Financial Crisis
Read Text Preview

Extract of sample "The Gender Implications of Current Global Financial Crisis"

Topic: Lecturer: Presentation: Introduction Global financial crisis emanated from United s and spread to developed countries but its effects which resulted to economic crisis are felt all over the world. It started in the middle of 2007 and 2008 as a result of sub-prime mortgage crisis due to securitization of assets (Shah, 2009). The US had relaxed its regulatory systems to enable banks to expand sources of profitability hence allowed securitization of lending in 2004 (Antonopoulos, 2009). Banks thus engaged in enormous borrowing to lend out and create securitization and investment banks bought mortgages to securitize but mortgage prices declined crumbling the financial sector. Mortgage collapse was accelerated by credit default swaps. This led to credit freeze thus limiting investments and consumption leading to insufficient aggregate demand and economic crisis (Seguino, 2009). Governments resorted to bail outs thus cutting expenditure on social services such as; education, health and child care. There were massive job cuts leading to human rights crisis due to mass unrests as a result of economic hardships. This paper is a critique of the gender implications of the crisis and influence of gender perspective on responses to current recession. The Gender Implications of Current Global Financial Crisis The current global financial crisis which has transformed into global economic crisis due to credit crunch has affected all people all over the world but the women are the most affected. This is because women are the caregivers at home and to the community and engage in unpaid, informal and volunteer work and mostly work in the services sector. The millennium development goals focus on women’s access to work opportunities, income and resources and hence improve the welfare of children, families, community and promote economic growth (Antonopoulos, 2009). Jobs were thus created in textile sector through export processing zones, tourism and agriculture and also work in public service as social workers. Men on the other hand are involved in masculine jobs such as construction work in public works and are highly paid while females engage in lowly paid jobs. Globalization enhances masculine dominance (Acker, 2004). Due to traditions, women are considered dependent on men thus benefits such as; social insurance, pensions and welfare benefits are paid through the husband (Elson & Cagatay, 2000). Privatization makes women more dependent on men as women lose public service jobs. The cut in government expenditure on social services has great effect on women. It translates to loss of jobs for women who are concentrated on this sector of provision of social or health care. They work in public sector hence due to expenditure cuts, they risk losing jobs (Elson, 2009).Cuts on education and health provision also lead to job loss for them. Their burden for caring for family and community is increased as they have to spend more on health, education, water and sanitation with reduced income. Agriculture is also affected due to reduction in subsidies on inputs leading to food insecurity, hunger and malnutrition. Women do not have land rights or access to extension services hence no meaningful production. Global financial crisis has led to decline in demand for exports. Most developing countries rely on primary exports for economic growth such as textiles, tourism, and agriculture. As Seguino (2009) notes, these sectors offer job opportunities to a large number of women. Closure or reduction of these industries leads to massive job losses. This results to poverty increase and widening of gender gap as not many men are affected. It also leads women to engage in unpaid labour mainly subsistence farming which is limited by credit freeze. Globalization lead women to migrate and look for jobs to sustain their families and end up as domestic workers abroad and at home they are expected to care for their families hence double burden (Marchand & Runyan, 2000). Financial crisis reduces remittances by these migrants. Volatility in official development assistance (ODA) has negatively impacted on peoples livelihoods. At such time of economic crisis, developing countries need development assistance. Without this assistance, there are no investments hence no job creation instead jobs are lost. This assistance is sometimes passed through NGOs which is a major employer of women hence reduction of aid leads to job loss for women. Assistance in managing HIV/AIDS is reduced causing more burdens on women who find it hard even to engage in unpaid work. The burden of excessive financial risk taking is thus shifted to women who are care givers (Staveren, 2000). Gendered Perspective on Responding to Current Recession Recession is a situation where there is low aggregate demand and hence the government comes in to boost the demand. This is done through the use of fiscal stimulus programs such as tax cuts, increased government borrowing, reduction in government spending, and monetary policy of inflation targeting (Antonopoulos, 2009). A reduction in taxes would encourage more investments hence job creation but governments also create jobs through public works. Fiscal and monetary policies help to reduce the recession but they are gender biased as they favour men than women. Gender perspective responses aim at creating gender equity and at the same time curb recession. The governments can begin by involving women in economic and financial issues since they are the most affected. Government budgets should be gender sensitive to avoid disadvantaging women such as on policy of reducing expenditure on social services as it leads to job loss for women and increased burden hence poor health, low productivity and slow economic growth (Antonopoulos, 2009). Women’s health determines state of the economy. Government direct creation of jobs through public works which involves construction is gender biased. Gender perspective is that jobs should be made available to women through provision of physical infrastructure and rural development. Women’s job would be made easier and burden reduced. Women jobs can also be created in public works but not far away from their residential areas and according to Antopoulos (2009); social services can be incorporated into public works program such as health services, education and extension services. Chow (2003) recognizes the role of globalization in shaping gendered institutions. It determines access to and control of resources and gender power relations. Globalization enables women to migrate and look for alternative employment although according to Marchand & Runyan (2000), women in rich and poor countries face burden of greater workload as both countries face constraints such as structural adjustment programs and welfare reforms. For Dejardin (2008), globalization has created new job opportunities and transformed traditionally unpaid domestic care work into paid work. Gender perspective advocates product diversification, factor intensity of production, skill mix of employment and upgrading women technical skills for long-term position in the labour market. This would protect women from job losses hence sustained incomes for women would boost consumption and demand needed to curb recession. Elson & Cagatay (2000) emphasize the need to incorporate women’s work which is often ignored in national economic statistics. This would reduce privatization bias and involve women in economic development and have increased productivity. Conclusion The global financial crisis has shifted burden of excessive financial risk taking to people especially women. It has led to global economic crisis due to credit freeze as a result of lack of confidence in lending thus creating insufficient aggregate demand and consequently job crisis and human rights crisis. It has led to closure of financial institutions, reduction in export demand thus collapse of export sectors which are dominated by women. Developing economies are forced to pay debts leading to cuts in provision of essential services such as education and health. The response measures of fiscal stimulus and monetary restrictions don’t auger well for women hence the gender perspective response which is favourable to all such as formulating macroeconomic policies for promoting growth and not to destroy production processes of securing livelihoods and integration in global markets and institutional arrangements. References Acker, J. (2004) “Gender, Capitalism and Globalization”. Critical Sociology, 30(1): 17-41. Antonopoulos, R. (2009). “The Current Economic and Financial Crisis: A Gender Perspective”. Levy Institute, Working Paper no. 562. Retrieved 18 May, 2010 from http://www.levy.org/pubs/wp-562.pdf. Chow E.N. (2003) “Gender Matters: Studying Globalization and Social Change in the 21st Century”. International Sociology, 18(3): 443-460. Dejardin, King, A. (2008) “Gender Dimensions of Globalization”. 4 Sept, 2008. ILO Discussion Paper, Retrieved on 18 May, 2010 from http://www.ilo.org/wcmsp5/groups/public/---dgreports/--integration/documents/meetingdocument/wcms_100856.pdf. Elson, D. (2009) “Gender Equality and Economic Growth in the World Bank World Development Report 2006”. Feminist Economics, 13 (3): 35-59 Elson, D. and Cagatay, N. (2000) ‘The Social Content of Macroeconomic Policies”. World Development, 28 (7):1347-1365. Marchand, M. and Runyan, A. (2000) “Introduction: Feminist Sightings of Global Restructuring: Conceptualizations and Re-Conceptualizations”. In M. Marchand and A. Runyan (Eds) Gender and Global Restructuring: Sightings, Sites and Resistances, London: Routledge. Seguino, S. (2009) “The Global Economic Crisis, Its Gender Implications and Policy Responses”. Paper prepared for Gender Perspectives on the Financial Crisis Panel at the Fifty-Third Session of the Commission on the Status of Women, United Nations, March 5, 2009 http://www.uvm.edu/~sseguino/pdf/global_crisis.pdf Shah, A. (2009) “Global Financial Crisis”. Global Issues. Retrieved 17 May, 2010 from http://www.globalissues.org/article/768/global-financial-crisis.htm Staveren, I. (2000) “Global Finance and Gender”. Paper Presented at IAFFE Conference, Istanbul. August 2000. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“What are some of the gender implications of the current global Essay”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1567085-what-are-some-of-the-gender-implications-of-the-current-global-financial-crisis-how-would-a-gendered-perspective-influence-responses-to-the-current-recession-at-a-global-level
(What Are Some of the Gender Implications of the Current Global Essay)
https://studentshare.org/miscellaneous/1567085-what-are-some-of-the-gender-implications-of-the-current-global-financial-crisis-how-would-a-gendered-perspective-influence-responses-to-the-current-recession-at-a-global-level.
“What Are Some of the Gender Implications of the Current Global Essay”, n.d. https://studentshare.org/miscellaneous/1567085-what-are-some-of-the-gender-implications-of-the-current-global-financial-crisis-how-would-a-gendered-perspective-influence-responses-to-the-current-recession-at-a-global-level.
  • Cited: 0 times

CHECK THESE SAMPLES OF The Gender Implications of Current Global Financial Crisis

Financial And Economic Crisis

Analysis of the charts and tables will also be conducted in order to derive evaluations of the causes and effects of the global financial crisis.... This study aims to discuss and evaluate the theory of financial liberalization and the Washington Consensus and their failure, the causes and effects of the Asian financial crisis of 1997; to identify early warning systems and methodologies that identify global imbalances that may be a precursor to crises.... financial crisis had a tremendous impact on the global economy....
16 Pages (4000 words) Assignment

Impact of the Financial Crisis on Barclays Bank

19 Pages (4750 words) Dissertation

Financial project report

here will be a direct impact on student borrowings that will most likely be affected by the current financial crisis.... America is currently in the midst of a tremendous economic crisis, with inflation reaching unprecedented and unanticipated levels.... America is currently in the midst of a tremendous economic crisis, with inflation reaching unprecedented and unanticipated levels.... arents are losing jobs or their salaries are reduced as a result of the economic crisis....
34 Pages (8500 words) Essay

The Locus of the Financial Crisis

The research findings indicate that the Asian financial crisis was due to a myriad of factors, including IMF, fiscal, monetary policies and liberalization strategy and, are rooted in the very nature and circumstances of the so-called Asian economic miracle.... This research study undertakes a critical analysis of the crisis for the determination of some causes.... The importance of this study emanates from the relevance of the lessons inherent in the crisis....
55 Pages (13750 words) Essay

Debt Crisis in Europe

The Euro zones' financially concerned economies, particularly Ireland, Portugal, Greece, Italy and Spain, generated a stern crisis of In October 2009, the beginning of the global financial crisis in addition to Greece public debt admittance, glimmered shock throughout global markets as the full extent of Euro zone debt levels occurred (3).... n Ireland, the global financial crisis hit the country in a very different way from the other affected countries.... This paper will analyze the causes of this debt crisis, possibility of its persistence, its implications as well as some mitigation measures to curb the crisis....
7 Pages (1750 words) Essay

The Global Financial Crisis of 2007-2009

??The global financial crisis of 2008-2009…revolves around private-sector financial institutions and public-sector regulators.... The study begins with a recounting of the historical background of the crisis and its incipience in the American financial landscape.... he next section provides a perspective on the causes of the crisis, An assessment of whether or not these measures are expected to succeed or not, with an explanation as to their potential issues or concerns, is incorporated in the subsequent discussion....
17 Pages (4250 words) Essay

Causes of Crisis in Financial Markets

Almost every financial crisis in the past was either resultant of failure bank or resulted in bank runs (Diamond and Dybvig, 1983, pp.... he types of financial crisis can be primarily classified into banking crisis, international financial crisis, wider economic crises, and speculative bubbles and crashes.... This creates a cyclical chain reaction in the financial markets that adversely affects investor sentiments and thereby creating banking financial crisis....
11 Pages (2750 words) PowerPoint Presentation

Asian Financial Crisis

This work called "Asian financial crisis" focuses on the changes in the overall business environment of the Asia Pacific region, major differences in the causes of the 1997 and 2008 financial crisis.... Asian extra place, means that led by China, they could be the best source of capital to bail out the financial structure, say by supplying finances to the IMF in order to avoid added export slouch, if so they may try to find additional voting power in international institutions....
9 Pages (2250 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us