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Paperback • 2012
Pages: 130
ISBN: 9788171889624
For Sale in South Asia Only

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Publisher:
Academic Foundation

The Global Social Crisis

Report on the World Social Situation

United Nations

About the Book

<p>During 2008-2009, the world experienced its worst financial and economic crisis since the Great Depression of the 1930s. The crisis followed the effects of the food and fuel price hikes in 2007 and 2008. In 2009, global output contracted by 2 per cent.</p> <p><br /> This 2011 Report on the World Social Situation reviews the ongoing adverse social consequences of these crises after an overview of its causes and transmission. While a deeper, more pro-longed global recession has been averted by coordinated stimulus measures, the recovery is nonetheless fragile and uneven. The economic slowdown has reduced social spending in most developing countries while the turn to fiscal austerity has undermined social spending in developed countries.</p> <p>&nbsp;</p> <p>The Report points to the rapid rise in unemployment and vulnerability, especially in developing countries without comprehensive social protection in the wake of the global economic crisis. Tens of millions more people fell into, or were trapped in, extreme poverty because of the global crisis, while the number of people living in hunger in the world rose to over a billion in 2009, the highest on record.</p> <p>The global economic downturn has had wide-ranging negative social outcomes and set back progress towards achieving the internationally agreed development goals, including the Millennium Development Goals. Given the fragility of the economic recovery and uneven progress in major economies, social conditions are only expected to recover slowly. The increased levels of poverty, hunger and unemployment will continue to affect billions for years to come.</p> <p>&nbsp;</p> <p>The Report strongly underscores important lessons from national responses to the global crisis, the importance of inclusive social policies and the need for universal social protection. A key conclusion is that countries need to be able to pursue countercyclical policies in a consistent manner.</p>

About the Author(s) / Editor(s)

UNITED NATIONS

Contents in Detail

Explanatory notes

        

Overview

      Beyond recovery: addressing the social crisis
      The continuing social crisis
      Addressing the crisis: the way forward
      Role of government
      Focus on employment growth
      Need for social protection
      Poverty and food security
      Rethinking social policy

 

I. The global economic crisis: causes and transmission
    Impact, response and recovery
    International response averts deeper recession
    Recovery: tepid, uneven and uncertain
    Background
    United States crisis becomes global
    Trade
    Tourism
    International finance
    Development aid
    Remittances
    Concluding remarks:bleak prospects for
         social development

 


II. The Great Recession and the jobs crisis
     Employment impacts
     Informal and vulnerable employment
     Working poor
     Impact of the crisis on wages and salaries
     Adverse impacts on demographic and social groups
     Impacts on household dynamics and human development
    Concluding remarks: the jobs crisis persists

 


III. Incomes, poverty and well-being
     The context of the crisis
     Income poverty
     Health
     Education
     Impact of crises on social indicators
     Evidence from previous crises
     The impact of the food crisis
     Much depends on the pace of recovery
     Social integration and crime
     Concluding remarks: full impact unfolding

 


IV. The global food crises
      Food prices remain volatile and high
      Social impacts of the food crisis
      Underlying causes of the global food price spike
      Speculation in commodity futures
      Higher energy prices and demand for biofuels
      Trade liberalization
      Long-term problems
     Other longer-term trends
     U-turn in Washington?
     Concluding remarks: urgent action needed

 


V. Crises, fiscal space and national response
     Impact on fiscal space
     Effects on social spending
     Education spending
     Spending on health and social protection
     Spending on infrastructure and agriculture
     Policy responses to the crisis: an overview
     Social protection and labour market measures
     Policy responses to the food crisis
     Concluding remarks: policy space is crucial

 


VI. International responses
     Crisis response of the Group of Twenty
     Responses of the International Monetary Fund
     Policy responses to the food crisis
     Concluding remarks: a balance between stimulus and austerity

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