Critical Perspectives on Financial and Economic Crises: Heterodox Macroeconomics Meets Feminist Economics

Abstract

This contribution brings together various strands of analysis about the causes, consequences, and policy ramifications of economic crises, with a specific focus on distributional dynamics. It aims to facilitate a conversation between macroeconomic theorists of crises and instability and feminist economists and scholars of intergroup inequality. Macroeconomic analyses of the Great Recession have centered on the causal role of financial deregulation, capital flow imbalances, and growth of income and wealth inequality. That work tends to be divorced from research that analyzes broader distributional impacts, prior to the crisis and subsequently, transmitted through economic channels and government responses. This study's framework emphasizes the role of stratification along multiple trajectories – race, class, and gender – in contributing to economic crises and in shaping their distributional dynamics. The study underscores the long-run effects of the 2008 crisis on well-being, highlighted in feminist economists’ research on social reproduction and often missed in the macroeconomics literature.