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The financial crisis and its impact on social inequality and human development.

The financial crisis and its impact on social inequality and human development. Jos D. Matos Guerrero Universidad de Puerto Rico Carolina

Inco 4006 Prof. Wanda Rodriguez November 26, 2012

The financial crisis and its impact on social inequality and human development. Introduction The financial crisis that broke out in 2008 has given rise to the worst economic crisis in 30 years. Due to the collapse of the mortgage market and the housing bubble in the United States stock market meltdown bringing every structure that involved credits, mortgages, money, stocks, business, employment and more. Thousands of companies were going bankrupt, giving rise to high rates of unemployment, falling wages, cuts in social security, higher taxes on consumption and high basic commodity. But not far from these structures, there is a society that keeps getting the worst consequences of the financial crisis. Is very well known that Financial Crisis has created an environment of inequality and instability in all social fields. The impact of this crisis is being felt through reduced demands for export, access to capital, hard time look for loans, less foreign investment, in any aspect all this involves the social order that works for human and social development. The global economic crisis has greatly increased the global imbalance, the distribution of wealth, poverty reduction and sustainable development. Some aspects to consider are the distinction between the effects on individuals and families, the impact on government policies and the effects on the distribution of wealth and social inequalities. To overcome the current crisis there are two important factors for sustainable development, health and education. Beyond fiscal stimulus and other short-term a measure is required a long-term vision to redefine development processes and poverty reduction in a more equitable and sustainable world, it is necessary to begin by health and education.

The financial crisis and its impact on social inequality and human development. How did we fall into a recession? In September 2008 the bankruptcy of U.S investment bank Lehman brother and the collapse of the worlds largest insurance company AIG triggered the global financial crisis. Lehman brothers, one of the most venerable and biggest investments Banks was forced to declare itself bankrupt. The result was a global recession which cost the world tens of trillions of dollars, rendered 30 million people unemployed and doubled the national debt of the U.S. This crisis was not an accident; it was caused by an out of control industry. Since the 1980s the rise of U.S. financial sector has led to a series of increasingly severe financial crises, each crisis has caused more damage, while the industry has made more and more money. In the 1980s the financial industry and investment bank went public, giving them a huge amount of stock holding money and people on Wall Street started getting rich. The Ronald Reagan administration supported by economists and financial lobbyist started a 30 year period of financial deregulations. In 1982 the Reagan administration deregulated saving and loan companies allowing them to make risky investments with their depositors money. By the end of the decade hundreds of savings and loan companies had failed, this crises cost tax payers 124 billion and cost many people their life savings. By the late 1990s the financial sector had consolidated into a few gigantic firms, each of them so large that their failure can threaten the whole system. The Clinton administration helped them grow even larger. At this time, City Group merged and quickly violated the Glass-Steagal act (a law passed after the great depression, which prevented banks with costumer deposits from engaging in risky investment banking activities).

Beginning in the 1990s, deregulation and advances in technology let to an explosion of complex financial products called derivatives. Derivatives are financial instruments whose

The financial crisis and its impact on social inequality and human development. values are based on one or more underlying assets. Economist and bankers claimed they made market safer, but instead they made it unstable. Using derivatives, banker could gamble on virtually anything, for example, betting on rise or fall of oil prices, the bankruptcy of the company, even the weather. By the late 1990s derivatives were $15 trillion unregulated market. By the time George W. Bush took office in 2001, the U.S financial sector was vastly more profitable, concentrated and powerful than ever before. Dominating this industry were 5 investment banks Goldman Sachs, Morgan Stanley, Lehman Brothers, Merril Lynch, Bear Stearns. Two financial conglomerates: Citigroup, JP Morgan. Three security insurance companies: AIG, MBIA, AMBAC. And three rating agencies: Moodys, Standard and Poors, Fitch. Linking them all together was a securitization food chain, a new system which connected trillions of dollars, mortgages and other loans with investors all over the world. Between 2000 and 2003 the number of mortgage loans made each year nearly quadrupled. The investment banks actually preferred subprime loans because they carried higher interest rates. Subprime loans are a type of loan that is offered at a rate above prime to individuals who do not qualify for prime rates loans. These subprime loans led to a massive increase in predatory lending. Borrowers were needlessly placed in expensive subprime loans, and many loans were given to people who could not repay them. Since anyone can get a mortgage home purchases, the house prices skyrocketed, the result was the biggest financial bubble in history. During the bubble the investment banks were borrowing heavily to buy more loans and create more CDOs. Collateral Debt Obligation (CDOs) are a type of structured asset backed security that are issued by special purpose entities and collateralized by debt obligation, including bonds and loans.(Ferguson C, 2010)

The financial crisis and its impact on social inequality and human development. By 2008, home foreclosures were skyrocketing, and the securitization food chain imploded. Lender could no longer sell their loans to the investment banks. As the loans went bad, dozens of lenders failed. The marked for CDOs collapsed, leaving the investments banks holding hundreds of billions of dollars in loans, CDOs, and real states they couldnt sell. By Friday September 12th, Lehman Brothers had run out of cash and the entire investment banking industry was sinking fast. The stability of the global financial system was in jeopardy. Neither Lehman nor the federal government had done any planning for bankruptcy. (Ferguson C, 2010) The great recession and the unemployment The global financial and economic crisis triggered sharp output contractions in almost all industrialized economies in 2009 for the first time in the post-Second World War era. In particular, as businesses cut production in response to lower aggregate demand, workers were shed in large numbers, sharply increasing unemployment worldwide. Between 2007 and the end of 2009 there was an unprecedented increase in the numbers unemployed (International Monetary Fund and International Labour Organization, 2010). Beyond job losses, the quality of employment also deteriorated in both developed and developing countries. Across the globe, many workers who did not lose their jobs were forced to accept reduced working hours as well as lower wages and benefits. In developing countries, a large number of workers lost their jobs in export sectors and were forced into informal and vulnerable employment elsewhere. Job insecurity The increased job insecurity due to the recession has resulted in sustained and devastating impacts on individuals, families, households and their communities. Communities are affected when manufacturing jobs disappear as a result of plant closures or workforce downsizings, or when young people relocate to other cities and towns in search of better job opportunities. Such

The financial crisis and its impact on social inequality and human development. job losses since 2008 have pushed countless families into financial and economic hardship, resulting in the loss of homes to foreclosure and increases in poverty, debt and bankruptcy, especially in the United States and other advanced economies. Because work is intimately related to several dimensions of individual well-being, job losses and worsening job and economic insecurity have also been associated with increased poor health, psychological hardship and family dissolution (Stuckler and others, 2009b). In 2009, half of the worlds workersnearly 1.53 billion peoplewere in vulnerable employment. While the global share of workers in vulnerable employment has been declining, the crisis has slowed the decline in some regions and even reversed the downward trend in others. Yet, the number of workers in vulnerable employment has increased in most regions, except for the developed economies and the European Union, Central and South-Eastern Europe (non European Union), and the Commonwealth of Independent States and East Asia, where there had been some decline (International Labour Organization, 2011).These changes have had a huge impact on wages and salaries, and hence on the living standards of workers and their families (Belser, 2010; Couch, Jolly and Placzek, 2009). As laid-off workers have suffered from lost wages, high levels of unemployment have exerted downward pressure on the wages of those employed. In the United States and across the countries in the 27-member European Union, wages have declined as full-time workers were forced to accept reduced working hours because of severe budget deficits (OFarell, 2010).

The financial crisis and its impact on social inequality and human development. Although the financial crisis did not originate in the developing countries, their economies, especially those more integrated into international financial markets, were not immune to the financial turmoil. They were hurt through a variety of channels, including collapsing trade and commodity prices, capital flow reversals, higher costs of borrowing, declining remittance incomes and strains on official development assistance. The countries were affected to different degrees depending on their economic structure and vulnerability to shocks. Despite the huge stimulus packages adopted by the major economies, were not able to stop the downslide to avoid a prolonged recession, now in 2012 the recession continues. Unemployment and underemployment remains at unacceptably high levels. Evidence of recent recessions suggests that the gap between production and employment recovery has grown. Youth unemployment Youth unemployment has reached alarming levels. In developed and developing countries, unemployment and underemployment are very high among young people 15 to 24 years: in late 2009, there were an estimated 79 million unemployed young people and the youth unemployment rate stood at 13.0 percent worldwide. The situation that has brought us the financial crisis can be summarized by saying that "more than a third of the world's youth are unemployed have stopped looking for work (demoralized) or have a job that requires them to live below the poverty line $ 2 a day (the 'working poor'). The global jobs crisis has strongly affected the young. Youth is a crucial time of life when young people begin to realize their aspirations; they assume their economic independence and try to find their place in society. In a crisis economy young people are usually the first to lose their jobs and the last to get a job. It is estimated that in 2009 there were approximately 211 million unemployed, nearly 40% or about 81 million unemployed were young people between 15 and 24 years old. Countries of the European Union (EU), Canada and the United States

The financial crisis and its impact on social inequality and human development. experienced the largest annual increase in the rate of youth unemployment (4.6 percentage points between 2008 and 2009). In many countries, the unemployment outlook darkens further by the large number of young people involved in the poor quality and low pay, working arrangements with intermittent and insecure, even in the informal economy. Youth unemployment and under-employment result in missed opportunities in terms of economic growth and development. Increasing pressure on the labour market can create social discontent if insufficient jobs are available for young women and men. However, young peoples professional and personal development can be enhanced through effective school-to-work transition measures. This support is especially needed to mitigate the negative impact of the jobs crisis on youth employment outcomes. Human Costs of Job Loss The hardship of job loss also has serious negative impacts on health. In the short run, layoffs are associated with higher risk of heart attacks and other stress-related illnesses. Over the longer term, the increased mortality rate due to unemployment can persist up to 20 years after the job loss and lead to an average loss of life expectancy of one to 1.5 years. Children of laid-off parents also suffer. In the short-run, parental job loss increases the probability that a child repeats a grade in school by nearly 15%. And one study found that children whose fathers were displaced from their jobs had annual earnings nearly 10% lower than similar children whose fathers did not experience job loss. Long-term unemployment is particularly costly, not only for the earnings losses, but because it affects a persons morale and self-confidence and how the person is viewed by companies. The odds of finding a job decline the longer a person has been unemployed. In the United States, a person unemployed for over six months has less than a one in ten chance of finding a job in the coming month, compared with a one in three chance for someone

The financial crisis and its impact on social inequality and human development. unemployed less than a month. John Irons of the Economic Policy Institute notes that high unemployment, falling incomes and reduced economic activity can have lasting consequences. For example, job loss and falling incomes can force families to delay or forgo a college education for their children. How does financial crisis impact education? The impact of the economic crisis can be seen by the developed countries of Europe and North America. These developed countries were forced to immediately reduce their education budgets, resulting in school closures, layoffs of teachers and support staff, and a narrowing of the curriculum. Today, the impacts of several years of austerity policies are taking their toll in other countries, from the U.S. Spain and Greece. The global economic crisis is affecting education funding indirectly in other parts of the world too. Increased pressure on national budgets has affected the ability of many of the world's poorest countries to finance education plans. Seven of the 18 lowest-income countries surveyed for the EFA Monitoring Report in the World (2011) reduced their spending on education in 2009. These countries had 3.7 million school children. As more families face unemployment and reduced wages, one coping mechanism, particularly among the poorest, is to take children out of school in order to save on educational expenses and enable children to contribute economically to household welfare. However, when children are taken out of school they are unlikely to return and will suffer life-long deficits in terms of lost potential, educational attainment, productivity and income. The crisis is expected to lead to more girls than boys being taken out of school, a phenomenon that will widen the gender gap in enrolment. During periods of downturn, the primary school completion rate has been found to go down by 29 per cent for girls and 22 per cent for boys, but as the economy improved it rose by only 5 per cent for girls and 3 per cent for boys. Beyond the immediate effects, long-

The financial crisis and its impact on social inequality and human development. term impacts are emerging. In the current climate of limiting budget deficits, there are proposals to tie school funding for enrollment, to link teacher salaries to performance, education institutions subject to supervision and rigorous and unjust regimes based test measurement results. Health and Unequal society Deprivations in well-being in terms of health status and access to health care are key dimensions of poverty. The global economic crisis has led to a weakening of efforts to address by the state, collectively, health problems and has sharpened the "public health crisis". The unequal distribution of resources, poverty, nutrition, housing, sanitation, lack of access to health care or high cost, are some of the conditions of the social structure of inequality in health. From an economic perspective, it is necessary to emphasize the correlation between health and social class position and between work and health. Poverty, war, racism, gender inequality, structural adjustment programs, displacement and migration, are identified as risk factors for the health of populations. The social and economic inequality has a direct influence on the content of social relations and the density of social cohesion. It also builds on the study of the relationship between the behaviors of people and the emergence of health problems. Health should be an essential part of the political will of the state and society at large and is reflected in the actions and strategies that materialize. Health Psychology The financial crisis is being so hard that is affecting the emotional health of people who were not used to go through many hardships. Data on the impact of unemployment on mortality are conflicting. There is evidence for a link EU between unemployment and mortality rates, ie the highest unemployment rate, higher mortality from all causes. A 1% increase in the national

The financial crisis and its impact on social inequality and human development. unemployment rate increases substantially standardized mortality rate, ie 1.5 per 100,000 people. The increased risk of death by suicide after redundancy and financial problems is higher among men than women, possibly because men are taught to believe that women more often than not there is an appropriate source of support and help for them when things go wrong. The times of economic instability can cause psychological stress, which is linked to both the onset and course of mental illness. Unwanted changes in life circumstances, such as unemployment, are closely linked to depression, anxiety disorders and suicide. Unemployment causes poor mental health as a result of financial stress and the absence of non-financial benefits provided by the work itself, such as social status, self-esteem, physical and mental activity, and use of one's skills . Prospective studies show that unemployment has uniformly causal influence on depression and suicidal thoughts. The unemployed have a 2-3 times greater risk of suicide. This is partly because people with mental disorders have an increased risk of losing their jobs, but even among people with no history of serious mental illness, unemployment continues to be associated with about a 70% greater risk of suicide. Job loss is not only stress during economic crises. Recessions can be equally stressful for those still in the workplace. Your choices and options become narrower; People fear losing their jobs and having financial difficulties, job insecurity is associated with a 33% increase in the risk of common mental disorders.The impact of unemployment on workers and their families is widespread, because work is a primary source of material, social, psychological and security within the family unit.

The financial crisis and its impact on social inequality and human development. Social integration and crime There is growing evidence that the crisis is indeed having significant impacts on individuals, families and communities in terms of wellness, cohesion and conflict. In many countries, rates of mental illness, substance abuse and suicides have increased. Family cohesion is increasingly being jeopardized by divorce and domestic violence, as well as by the abandonment, neglect and abuse of children. Some communities are seeing increased outbreaks of conflicts and protests. Protests, rallies and demonstrations have broken out across a number of regions in response to the adverse impacts of the crisis. A 2010 study found that violent demonstrations, as well as perceptions of crime, had increased in 2009 in comparison with previous years (Institute for Economics and Peace, 2010). Although causality was not tested in that study, the observed increase is likely to have been due in part to the financial and economic crisis. Another study found that in Africa a negative economic growth shock of 5 per cent increased the likelihood of civil conflict by 50 per cent (Miguel, Satyanath and Sergenti, 2003). The Political Instability Task Force at George Mason University has also linked GDP declines to 46 out of 50 cases of instability since 1980. Economic distress is seen as an almost necessary, although not sufficient, condition for instability (Economist Intelligence Unit, 2009). Rising unemployment and falling wages can also exacerbate existing tensions among social groups. Anti-immigrant sentiment is rising and has turned violent in some countries, for example, the Russian Federation and South Africa. Calls for restrictions on labour immigration have been proposed in some countries in the European Union, and polls have found broad support for programmes that would return migrant workers to their countries of origin (Awad, 2009). Youth unemployment also increases the potential for social unrest, violence and crime (International Labour Organization, 2010e). The crisis has triggered family conflict and disunity.

The financial crisis and its impact on social inequality and human development. Economic stress is a major source of family tension and a leading cause of family breakups. A study of housing prices and marital dissolution in the United Kingdom in the period 1991-2004 found that a 10 per cent fall in housing prices was associated with an additional 5 per cent of couples breaking up (Rainer and Smith, 2009). Labour migration in response to the crisis is further breaking up more and more families, and there have been reported increases in the incidence of child abandonment, abuse and trafficking. In Thailand and Viet Nam, some mothers working long hours have had to leave children unattended. In Bangladesh, Indonesia, Jamaica, Kenya and Zambia, there have been reports of child abandonment; even the trafficking of boys from Nairobi has been attributed to deteriorating economic conditions (Hossain, 2009). Lithuania and Scotland in the United Kingdom have also seen increased referrals to child protection services (Eurochild, 2009). Although data are scarce, some countries have seen an increase in cases of domestic violence linked to the crisis. For instance, a survey of 630 domestic violence shelters in the United States reported a 75 per cent increase in the number of requests for services since the onset of the crisis (Mary Kay, 2009). Half of the shelters surveyed cited job losses as a major contributor to the increase, and three out of four cited financial concerns as an important factor. The survey also found that abuse had become more severe and that, despite this, women were staying longer in abusive relationships. For some women, this choice may be due to a lack of resources to live independently. Unfortunately, declines in funding are also forcing some shelters to provide fewer services despite the rising demand. The National Domestic Violence Hotline in the United States registered an almost 20 per cent increase in calls for help in the 12-month period beginning in September 2008. That organization also found that the daily unmet need for services, due to the lack of resources, had

The financial crisis and its impact on social inequality and human development. increased from 8,927 cases to 9,280 between September 2008 and September 2009. Increased rates of domestic violence linked to the crisis have also been reported in Curaao (one of the five islands of the Netherland Antilles in the Caribbean), India, the Lao Peoples Democratic Republic and the United Kingdom, among others. Poverty after recession The poor stayed poor and the rich got richer, but the middle slipped a few more rungs down the economic ladder. More than five years after the Great Recession began, the lingering impact of the worst downturn in a half-century continues to deplete the standard of living of middle-class American households. Median household income, after adjusting for inflation, fell 1.5 percent last year to $50,054, according to the Census Bureau's annual report on income and poverty issued released Wednesday. The poverty rate, at 15 percent, remained stuck at the highest level since 1993. Who Bore the Brunt of Increased Poverty During and After the Great recession? We next ask whether inter-group differences in poverty rates by age, education, and racial and ethnic groups grew larger or smaller following the severe recession and slow recovery. The theme that emerges in the following analyses is that groups that have the highest poverty rates in normal economic times also experienced the largest increases over the course of the recession. The recession has not in this regard been a democratic one. This pattern is clear when one disaggregates poverty trends by age groups. Between 2007 and 2010, the poverty rate for 18 to 24-year-olds increased 4.7 percentage points, while the rates for 25 to 34, 35 to 44, and 45 to 54-year-olds each increased by about 3 percentage points, and the poverty rate for 55 to 64year-olds increased by only 1.5 percentage points. The Great Recession, similar to other recent recessions, has had a disproportionate impact on younger adults. This is in part because

The financial crisis and its impact on social inequality and human development. employers tend to follow a last-hired, firstfired pattern for mass layoffs of the sort experienced in the early stages of a recession. Does the same story obtain for education groups? Yes. Although popular discourse on the effects of the Great Recession often focuses on the plight of young college graduates moving back to live with their parents, Between 2007 and 2010, the poverty rate for those between the ages of 25 and 64 with less than a high school degree increased 5.5 percentage points (from 28.1 to 33.6 percent), whereas the rate for high school graduates increased 3.3 percentage points (from 11.7 to 15.0 percent), and the rate for those with at least a college degree increased only 1.1 percentage points (from 3.4 percent to 4.3 percent). Because the extent of the increase is roughly proportional to the starting rate, the absolute increase is far more substantial for groups that begin in a disadvantaged position. The pattern of disparate effects is similar for racial and ethnic groups. The official poverty rates for Black non-Hispanics and Hispanics have been substantially higher and more responsive to the business cycle than the poverty rate for White non-Hispanics. Between 2007 and 2010, the poverty rate increased by 3.7 percentage points for Black non-Hispanics (from 19.6 to 23.3 percent), by 4.5 points for Hispanics (from 17.9 to 22.4 percent), but by only 2.2 percentage points for White non-Hispanics (from 7.7 to 9.9 percent). As with groups classified by educational attainment, the Great Recession disproportionately increased poverty among groups with higher-than-average poverty rates. The foregoing pattern is hardly a surprising one. Although a recession entails extra risks for most everyone, it is especially dangerous for those who, even in good economic times, are in a precarious economic situation.

The financial crisis and its impact on social inequality and human development. A global solution is needed In many parts of the developing world, children and poor households are being hard hit by the cumulative effects of the continued high food prices, economic slowdown and fiscal adjustments. As households cope by compromising essential expenditures, children's rights to education, health, and protection have come under increasing threat. Many governments are facing increased social demands, but decreasing fiscal resources to address them. Despite signs of recovery in some parts of the world, economic recovery will not be soon or strong enough to protect many children and the poor. Some organizations that works within countries to provide ongoing technical assistance to partner with governments in education, health, social protection and socio-economic policies. Crucial actions include:

- Urgently scaling up quick-impact social protection initiatives such as food security programmes, cash transfers to households, guaranteed work schemes and school feeing. - Maintaining, and where possible increasing, social expenditures to preserve gains in the realization of children's and women's rights and long-term national development achievements. - Promoting economic recovery to raise household living standards such as increased investments in agriculture and food security and employment-generating industry and enterprises, with a view toward strengthening households' resilience to shocks. - Identifying sources of fiscal space to promote economic recovery. - Presenting a set of alternative policy options for social and economic recovery that can be used in a national dialogue on crisis responses and post-crisis policy adjustments.

The financial crisis and its impact on social inequality and human development. Much explaining and persuading will be required for a multilayered program of reforms to be undertaken and accepted by the general public. Essentially, a new conventional wisdom will need to emerge encompassing six main points: - What is produced and traded should be more in accord with the needed new, highquality jobs. -Labor and education reforms should be undertaken. To be successful, these will need to be supported by a wide spectrum of political opinion. -Time will be needed to gradually expand coverage in basic social services until all participants in the labor force, both so called insiders and outsiders, are included. -The only way to introduce flexibility in the labor market will be to point toward guaranteed universal social security, health care, and unemployment insurance coverage for workers with different types of employment contracts. -All these changes will require additional resources, and some countries have more of a margin to increase tax revenues than others. For those with little margin, innovative formulas relying on a mix of public revenues, targeted household savings, and solidarity funds should be tried.

The financial crisis and its impact on social inequality and human development. Conclusion The main risks to the economic crisis since the stock market crash in 2008 until today a direct impact on society. A consequence has been an increase in the impoverishment of the middle class, social inequality, cost of daily living, psychological problems of individuals, unemployment, alcohol abuse and as a decrease in social development and economic, public services, benefits and worker rights, among others. But largely these financial risks could be avoided by measures of financial sector policy or regulation of the sale of shares and development of financial structures. Therefore, the negative impact of economic development after a downturn in the economy can certainly be altered by policy measures to regulate the financial sector and strengthen social protection and public services. Is a need to raise awareness of social needs, such as health and education are seeing that these two main sources for the proper development of society. I think that should be made several adaptations such as: adapt service delivery in health services to the psychological needs of those affected by the economic crisis; create recurring funds for cases like these where not affect services for individuals and families; provide adequate social protection and active labor market programs for the unemployed labor; Evaluate the impact areas of extreme poverty and middle class sector, largely because these sectors are the biggest contributors of the economic cycle. It is necessary to regulate excessive risk taking stock exchanges, greater financial market transparency and strengthen resilience by the government, to work for the less fortunate or in other words 99% of the citizens of the world do not have to hold wealth in cases like these. Not only the financial sector was the star of this crisis, so was the government. The government should be responsible for prosecuting those who contributed to the formation of this bubble, must show the people that the most interesting of them are the people and the development of

The financial crisis and its impact on social inequality and human development. society come. The government needs to encourage production, job creation, and provide the greatest benefit using public and private entities.

The financial crisis and its impact on social inequality and human development.

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