The Political Economy of International Finance in an Age of Inequality
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The Political Economy of International Finance in an Age of Inequality

Soft Currencies, Hard Landings

Edited by Gerald A. Epstein

The essays in this book describe and analyze the current contours of the international financial system, covering both developed and developing countries, and focusing on the ways in which the current international financial system structures, and is affected by, profound inequalities in the international system. This keen analysis of key topics in international finance takes a heterodox perspective, with focus on the role of inequalities in power in shaping the structure and outcomes in the international sphere.
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Chapter 4: Reanalyzing the gender-specific effects of the Great Recession

Sana Khalil


The impact of the Great Recession of 2008 on labor markets varied across/within countries depending on the economic structure, institutions, and in terms of who was hit the hardest. The observation that men fared worse than women, in terms of job losses, has led to labeling of the Great Recession as a “man-cession”. This chapter argues that such a label is not only simplistic but also misleading. First, there has been significant heterogeneity in within-group experiences; women from different demographics shared variegated burdens. Second, the second-round effects of the crisis also need to be taken into account. Although men’s employment took the immediate hit from the crisis, second-round effects influenced women’s employment equally or in some cases – Spain, Italy and Greece – more. The chapter also argues that gender regimes represented, in part, by the nature of family policies and cultural factors can play a significant role in explaining gender impacts of crises.

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