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

Family well-being: 1.Material 2.Psycho/Social Macroeconomy Resources (jobs and public spending) Caring labor (paid and unpaid)

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

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.

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

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.

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.

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

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.