Gender Equality and Inclusive Growth

Economic Policies to Achieve Sustainable Development

image of Gender Equality and Inclusive Growth

Proponents of inclusive growth advocate for equity considerations to be at the front and center of growth policy. However, their principal concern is with class – not gender equality. This publication shows that economic growth is an inherently gendered process and gender-based inequalities can in fact be barriers to shared prosperity. Gender equality will thus need to be central to any project of inclusion. The book argues that for growth to be gender-equitable and truly inclusive, the pattern of growth must create decent work and productive employment for women and men. This would require policy-makers to rethink the role of macro-level economic policies, including trade, industrial, macro-economic, finance and investment policies, and to adopt human rights as a guiding normative framework. The book highlights the importance of addressing unpaid care and domestic work and calls for a transformative approach that recognizes and values care work.



Tools of macroeconomic policy: Fiscal, monetary and macroprudential approaches

The field of modern macroeconomics was erected on the embers of the Great Depression. In the wake of that catastrophic event, Keynesian theorists argued that governments had a major role to play in stabilizing the economy to prevent economic instability and future recessions. The adoption of Keynesianism signaled the end to classical laissez-faire policies at the national level. The primary tools Keynesians identified to promote stabilization were fiscal and monetary policies. Along with a revised role for government in managing national economies came a dual mandate for policymakers: full employment and price stability. This new field was developed based on circumstances in developed economies. It failed, however, to take into consideration conditions in developing countries. Instead, major institutions such as the World Bank applied a one-size-fits-all developed country policy approach, even though developing economies, particularly in the post-independence period, were largely focused on the challenge of structural change as a means to raise living standards. Structural conditions differed significantly, making developed country policies less relevant for developing economies.


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