Crises and inequality: lessons from the global food, fuel, financial and economic crises of 2008–10

This article points to three main lessons for social policy from the global crises of 2008–10. First, there is evidence that the crises and their public finance ramifications could be characterized as ‘anti‐poor’. Second, even as the recovery begins to benefit the banking and financial sectors where...

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Main Author: Mendoza, Ronald U
Format: text
Published: Archīum Ateneo 2011
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Online Access:https://archium.ateneo.edu/asog-pubs/130
https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1758-5899.2011.00090.x
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spelling ph-ateneo-arc.asog-pubs-11292020-07-18T02:47:22Z Crises and inequality: lessons from the global food, fuel, financial and economic crises of 2008–10 Mendoza, Ronald U This article points to three main lessons for social policy from the global crises of 2008–10. First, there is evidence that the crises and their public finance ramifications could be characterized as ‘anti‐poor’. Second, even as the recovery begins to benefit the banking and financial sectors where the financial crisis began, it may also tend to further marginalize the poor, who are likely at their weakest and most vulnerable point, having undertaken a variety of coping strategies that are difficult to reverse quickly (e.g. drawing down on assets and possibly selling productive ones, taking on more debt, pulling children out of school). Third, if the crisis harms the poor and the ensuing recovery excludes them, then this could exacerbate inequity in human development. To prevent this, there is a need for pro‐poor countercyclical fiscal policies, boosting social spending and investments, as well as building on and adequately financing social protection systems, not just for poverty reduction but also to boost resilience against future crises. 2011-05-26T07:00:00Z text https://archium.ateneo.edu/asog-pubs/130 https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1758-5899.2011.00090.x Ateneo School of Government Faculty Publications Archīum Ateneo Public Affairs, Public Policy and Public Administration
institution Ateneo De Manila University
building Ateneo De Manila University Library
country Philippines
collection archium.Ateneo Institutional Repository
topic Public Affairs, Public Policy and Public Administration
spellingShingle Public Affairs, Public Policy and Public Administration
Mendoza, Ronald U
Crises and inequality: lessons from the global food, fuel, financial and economic crises of 2008–10
description This article points to three main lessons for social policy from the global crises of 2008–10. First, there is evidence that the crises and their public finance ramifications could be characterized as ‘anti‐poor’. Second, even as the recovery begins to benefit the banking and financial sectors where the financial crisis began, it may also tend to further marginalize the poor, who are likely at their weakest and most vulnerable point, having undertaken a variety of coping strategies that are difficult to reverse quickly (e.g. drawing down on assets and possibly selling productive ones, taking on more debt, pulling children out of school). Third, if the crisis harms the poor and the ensuing recovery excludes them, then this could exacerbate inequity in human development. To prevent this, there is a need for pro‐poor countercyclical fiscal policies, boosting social spending and investments, as well as building on and adequately financing social protection systems, not just for poverty reduction but also to boost resilience against future crises.
format text
author Mendoza, Ronald U
author_facet Mendoza, Ronald U
author_sort Mendoza, Ronald U
title Crises and inequality: lessons from the global food, fuel, financial and economic crises of 2008–10
title_short Crises and inequality: lessons from the global food, fuel, financial and economic crises of 2008–10
title_full Crises and inequality: lessons from the global food, fuel, financial and economic crises of 2008–10
title_fullStr Crises and inequality: lessons from the global food, fuel, financial and economic crises of 2008–10
title_full_unstemmed Crises and inequality: lessons from the global food, fuel, financial and economic crises of 2008–10
title_sort crises and inequality: lessons from the global food, fuel, financial and economic crises of 2008–10
publisher Archīum Ateneo
publishDate 2011
url https://archium.ateneo.edu/asog-pubs/130
https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1758-5899.2011.00090.x
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