Equality for All
IMF Blog, February 28, 2019
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Bibliographic details
- Authors: institutional investor State Street to call out companies with no women on their boards has prompted action by a fourth of female-deprived boards.
- Published: February 28, 2019
Overview
- Author: Camilla Lund Andersen
- Publication date: February 28, 2019
- Theme: Gender equality as both a moral imperative and an economic necessity.
- Core message: Without rights and access to healthcare, education, and the labor market, women face discrimination and the economy suffers large losses in potential output.
Barriers to gender equality
- Political declarations alone are insufficient without measures that facilitate:
- access to education
- affordable childcare
- access to the labor market
- Deeply entrenched stereotypes keep women trapped in caregiver roles—even in countries considered egalitarian.
- Example cited: Iceland required firm action to build the “social infrastructure” of gender equality (quotation from Prime Minister Katrín Jakobsdóttir).
Examples of progress and interventions
- India: Providing seed capital and training to women has allowed many to break the cycle of poverty.
- Digital financial services: Described as showing big promise for empowering women.
- Corporate governance: Institutional investor State Street’s campaign to call out companies with no women on their boards prompted action by a fourth of female-deprived boards.
- Youth activism: Brave young women such as Malala Yousafzai (defending girls’ right to education) and Greta Thunberg (challenging the financial elite on climate change) are cited as giving hope that the next generation will push for change.
Policy implications and recommendations
- Translate political declarations into concrete measures that expand:
- education opportunities for girls and women
- affordable childcare support
- labor market access and protections
- Support small-scale interventions (seed capital, training) and expand digital financial services to scale opportunities for women.
- Encourage investor and corporate accountability to increase female representation in corporate leadership.
Conclusion
- Small changes can be surprisingly powerful in advancing gender equality.
- Empowering women is necessary both for moral reasons and to recover large losses in potential economic output.
- The author urges continued actions to empower young women and secure the world’s future workforce.
Source: Equality for All, Camilla Lund Andersen, February 28, 2019