1st Edition

Critical and Feminist Perspectives on Financial and Economic Crises

    304 Pages
    by Routledge

    304 Pages
    by Routledge

    Economic and financial crises have become perennial features of today’s global economy. Macroeconomic theories of crisis, including the global crisis that unfolded in 2008, emphasize the role of financial deregulation; capital flow imbalances; and growing debt, fueled by income and wealth inequality. These approaches tend to be divorced from feminist thinking which analyzes broader distributional dynamics transmitted through structural channels and government policy responses, with an emphasis on gender, race, class and ethnicity. This volume brings together innovative thinking from heterodox macroeconomists and feminist economists to explore the causes, consequences, and ramifications of economic crises. By doing so, it highlights aspects of the economy that are frequently overlooked or ignored, such as the impact of crises on the vast amount of unpaid work which women perform relative to men.

    The collection of international studies assembled here takes an innovative approach to analyzing a range of issues, from the subprime mortgage crisis to the gendered effects of austerity to the role of the International Monetary Fund in governing an unstable global economy. In so doing, it looks beyond causes and consequences and points to new directions for macroeconomic and financial policy.

    This book was originally published as a special issue of Feminist Economics.


    James K. Galbraith

    1. Critical Perspectives on Financial and Economic Crises: Heterodox Macroeconomics Meets Feminist Economics

    Sakiko Fukuda-Parr, James Heintz, and Stephanie Seguino

    2. Global Financial Governance and Development Finance in the Wake of the 2008 Financial Crisis

    Ilene Grabel

    3. Austerity Measures in Developing Countries: Public Expenditure Trends and the Risks to Children and Women

    Isabel Ortiz and Matthew Cummins

    4. Economic Crisis, Gender Equality, and Policy Responses in Spain and Canada

    Kathleen A. Lahey and Paloma de Villota

    5. Economic Recession and Recovery in the UK: What’s Gender Got to Do with It?

    Ailsa McKay, Jim Campbell, Emily Thomson, and Susanne Ross

    6. Race, Gender, Power, and the US Subprime Mortgage and Foreclosure Crisis: A Meso Analysis

    Gary Dymski, Jesus Hernandez, and Lisa Mohanty

    7. Financialization, the Great Recession, and the Stratification of the US Labour Market

    Philip Arestis, Aurélie Charles, and Giuseppe Fontana

    8. Estimating the Impact of the 2008–09 Economic Crisis on Work Time in Turkey

    Seçil A. Kaya Bahçe and Emel Memiş

    9. Time Allocation of Married Mothers and Fathers in Hard Times: The 2007–09 US Recession

    Günseli Berik and Ebru Kongar

    10. Impact of the Global Financial Crisis in Rural China: Gender, Off-farm Employment, and Wages

    Huayong Zhi, Zhurong Huang, Jikun Huang, Scott D. Rozelle, and Andrew D. Mason

    11. Gender Dimensions of the Global Economic and Financial Crisis in Central America and the Dominican Republic

    Alma Espino


    Sakiko Fukuda-Parr is Professor of International Affairs at The New School, New York City, USA. She is a development economist interested in human development and capabilities and the broad question of national and international policy strategies.

    James Heintz is Professor of Economics at the University of Massachusetts, Amherst, USA. He has written on a wide range of economic policy issues, including job creation, global labour standards, the distributive consequences of macroeconomic policies, and human rights.

    Stephanie Seguino is Professor of Economics at the University of Vermont, USA. Her research explores the relationship between the macroeconomy and intergroup inequality by class, race, and gender. That work includes analyses of the effects of monetary policy and austerity on gender and racial inequality.