Global financial crisis emanated from United States 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…
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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 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 ...
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Would Islamic Finance have Prevented the Current Global Financial Crisis? Islamic financial institutions in the Gulf Corporate Council (GCC) states performed relatively well during the global economic crisis of 2008-2009.1 The successful performance of Islamic financial institutions in the GCC states is attributed to sustained growth, a conservative prudential regulatory framework and the implementation of fundamental Islamic ideology.2 It has been argued that the primary cause of the 2008-2009 global financial crisis was a lack of discipline in the market which essentially gave way to high risk behaviour culminating in a crisis of unprecedented proportions.
Global Financial Crisis of 2007 had its beginning in United States of America with the crash of the home loan or credit market during July 2007. This credit crunch which happened in United States during 2007 rapidly spread to other global economies thus jeopardizing the global financial system.
Globalization has accelerated dramatically in the past two decades following the technological advances, which have made it easier for the people to communicate, travel, and carry out business internationally. The two major recent forces, which have actually driven and accelerated globalization, are the rise and expansion of the internet connectivity and the improvement in telecommunication channels.
It is the worldwide credit, according to Anderson and Timmons (2007), trade and currency crisis that began in late 2008. The financial crisis started between 2008 and 2010 and was because of the housing bubble and subprime mortgage lending in America. It is no longer a secret that the people responsible for making sure that the financial system is stable in the United States helped because the 2007-10 crises.
Record numbers of people have lost their jobs in the past year and a half.
I have taken up the global financial crisis as my focus of discussion. The essay has been structured into three parts. The first part explains what recession is. The second part analyses the causes for this economic downturn and the third portion is where I have tried to provide some solutions that might help preventing the situation in the future.
The author noted that observed financial crises were usually preceded by periods of high defaults in the real estate market. This view has recently been confirmed by an IMF report (2011), that financial crises usually follow "credit or asset price bubbles".
Since 2008, international economy has been submerged in one of the most important structural economic recessions of current times. The origin of economic crisis can be identified with the North American economic downturn (Benson and
put a large amount of capital in the financial markets, but as the situation in 2008, the situation had worsened with a crash in the global stock markets. The consumers, being in fear of the effects that this crisis would produce, held up their credits. The financial
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