{"id":120088,"date":"2021-04-07T04:47:22","date_gmt":"2021-04-07T04:47:22","guid":{"rendered":"https:\/\/precoinnews.com\/?p=120088"},"modified":"2021-04-07T04:47:22","modified_gmt":"2021-04-07T04:47:22","slug":"what-happens-when-women-run-the-economy-were-about-to-find-out","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/what-happens-when-women-run-the-economy-were-about-to-find-out\/","title":{"rendered":"What happens when women run the economy? We're about to find out"},"content":{"rendered":"

(Adds dropped word in first paragraph)<\/p>

FILE PHOTO: U.S. Treasury Secretary Janet Yellen, the former Federal Reserve chair, holds a news conference after a two-day Federal Open Market Committee (FOMC) meeting in Washington, U.S. December 13, 2017. REUTERS\/Jonathan Ernst\/File Photo<\/figcaption>

WASHINGTON (Reuters) – Women now hold many of the jobs controlling the world\u2019s largest economy – and they\u2019re trying to fix it.<\/p>\n

Treasury Secretary Janet Yellen, Commerce Secretary Gina Raimondo and trade czar Katherine Tai hold top jobs in U.S. President Joe Biden\u2019s administration and many of his economic advisers also are women, as are nearly 48% of his confirmed cabinet-level officials.<\/p>\n

This sea change may already be affecting economic policy – a new $2.3 trillion spending plan introduced by Biden last week includes $400 billion to fund the \u201ccare economy,\u201d supporting home- and community-based jobs taking care of kids and seniors, work normally done by women that has mostly gone unacknowledged in years past.<\/p>\n

The plan also has hundreds of billions of dollars more to fix racial and rural-urban inequalities that were created in part by past economic, trade and labor policies.<\/p>\n

Yellen says the focus on \u201chuman infrastructure,\u201d and the earlier $1.9 trillion rescue bill should result in significant improvements for women, whose share of the workforce had hit 40-year lows even before the crisis, and for everyone else as well.<\/p>\n

\u201cIn the end, it might be that this bill makes 80 years of history: it begins to fix the structural problems that have plagued our economy for the past four decades,\u201d she wrote on Twitter, adding, \u201cThis is just the start for us.\u201d<\/p>\n

Women leaders can bring fresh perspective to economic policy, experts say.<\/p>\n

\u201cWhen you\u2019re different from the rest of the group, you often see things differently,\u201d said Rebecca Henderson, a professor at Harvard Business School and author of \u201cReimagining Capitalism in a World on Fire.\u201d<\/p>\n

\u201cYou tend to be more open to different solutions,\u201d she said, and that is what the situation demands. \u201cWe\u2019re in a moment of enormous crisis. We need new ways of thinking.\u201d<\/p>

Slideshow ( 5 images )<\/span><\/figcaption>

EMPATHY, STABILITY<\/h2>\n

Over the past half-century, 57 women have been president or prime minister of their countries, but institutions that make economic decisions have largely been controlled by men until recently.<\/p>\n

Outside the United States, there\u2019s Christine Lagarde at the helm of the European Central Bank with its 2.4 trillion euro balance sheet, Kristalina Georgieva at the International Monetary Fund with its $1 trillion in lending power, and Ngozi Okonjo-Iweala at the World Trade Organization – all jobs held by men a decade ago.<\/p>\n

Overall, there are women running finance ministries in 16 countries, and 14 of the world\u2019s central banks, according to an annual report prepared by OMFIF, a think tank for central banking and economic policy.<\/p>\n

The limited measures available suggest women have a better track record of managing complicated institutions through crisis.<\/p>\n

\u201cWhen women are involved, the evidence is very clear: communities are better, economies are better, the world is better,\u201d Georgieva said in January, citing research compiled by the IMF and other institutions.<\/p>\n

\u201cWomen make great leaders because we show empathy and speak up for the most vulnerable people. Women are decisive … and women can be more willing to find a compromise.\u201d<\/p>\n

A study by the American Psychological Association showed that U.S. states with female governors had fewer COVID-19 deaths than those led by men, and Harvard Business Review reported that women got significantly better ratings in 360-degree assessments of 60,000 leaders between March to June 2020.<\/p>\n

Women account for less than 2% of CEOs at financial institutions and less than 20% of executive board members, but the institutions they do run show greater financial resilience and stability, IMF research shows.<\/p>\n

Eric LeCompte, a UN adviser and executive director of a non-profit that advocates for debt relief, said he noticed a clear difference during a meeting with Yellen and the leaders of Christian and Jewish faith groups last month.<\/p>\n

\u201cI\u2019ve been meeting with Treasury secretaries for 20 years, and their talking points have been entirely different,\u201d he said. \u201cIn every area we discussed, Yellen put an emphasis on empathy, and the impact of policies on vulnerable communities.\u201d<\/p>\n

Her male predecessors had a \u201cbrass tacks\u201d approach that focused first on \u201cnumbers not people\u201d and never mentioned words like \u201cvulnerable,\u201d he said.<\/p>\n

THE GLOBAL SHE-SESSION<\/h2>\n

The stakes are high.<\/p>\n

The global recession related to the coronavirus pandemic is actually a \u201cshe-session,\u201d many economists say, because of how hard it has hit women.<\/p>\n

Women comprise 39% of the global workforce but account for 54% of overall job losses, McKinsey found in a recent study. In the United States, women accounted for more than half the 10 million jobs lost during the COVID-10 crisis here, and over 2 million women have left the labor force altogether.<\/p>\n

Bringing these women back to work could boost gross domestic product by 5% in the United States, 9% in Japan, 12% in the United Arab Emirates and an astounding 27% in India, the world\u2019s largest democracy, the IMF estimates.<\/p>\n

The rise of female leaders should lead to \u201ca more inclusive – in the true sense of the word – response to the many, many challenges that are the legacy of COVID,\u201d Carmen Reinhart, the World Bank\u2019s chief economist, told Reuters.<\/p>\n

Tai, the first woman of color to lead the U.S. Trade Representative\u2019s office, has told her staff to think \u201coutside the box\u201d, embrace diversity and talk to communities long ignored.<\/p>\n

Okonjo-Iweala, also the first African to head the World Trade Organization, which oversaw trade flows of nearly $19 trillion in 2019, said addressing the needs of women will mark an important step toward rebuilding deeply eroded faith in government and global institutions.<\/p>\n

\u201cThe lesson for us is (to) make sure … that we don\u2019t sink into business as usual,\u201d said Okonjo-Iweala, who was also Nigeria\u2019s first female finance minister. \u201cIt\u2019s about people. It\u2019s about inclusivity. It\u2019s about decent work for ordinary people,\u201d she told Reuters.<\/p>\n

(Refiles to add dropped word in first paragraph)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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