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