There are a lot of reasons not to like Goldman Sachs right now (including that they only have one board member that is a woman) , but let me give you a BIG positive. For years now Goldman has been producing cutting edge research on women and the economy. They have highlighted the growing economic power of women in terms of their collective purchasing power as well as how a country will be better off on multiple fronts by working to narrow the gender gap. Please find below a link to their reports and a synopsis. Thanks to Goldman for this compelling reserach."Australia's Hidden Resource: The Economic Case For Increasing Female Participation" November 30, 2009
-An alternative source of highly educated labour is already at Australia's disposal and with the right set of policy options this pool of labour can be unlocked. Closing the gap between male and female employment rates would have important implications for the Australian economy. The authors estimate that closing this gap would boost the level of Australian GDP by 11%. Indeed, much progress in closing this gap has already occurred over the past 30 years with the rise in the female employment rate since 1974 boosting economic activity by 22%. In this respect, Australia is only 2/3rds of the way to unlocking the hidden value of the female labour pool.
-An alternative source of highly educated labour is already at Australia's disposal and with the right set of policy options this pool of labour can be unlocked. Closing the gap between male and female employment rates would have important implications for the Australian economy. The authors estimate that closing this gap would boost the level of Australian GDP by 11%. Indeed, much progress in closing this gap has already occurred over the past 30 years with the rise in the female employment rate since 1974 boosting economic activity by 22%. In this respect, Australia is only 2/3rds of the way to unlocking the hidden value of the female labour pool.
"Power of the Purse: Gender Equality and Middle-Class Spending" August 5, 2009
-In the BRICs and N-11 countries, gender gaps in education, employment, health and political representation are narrowing. At the same time, laws and social norms that have discriminated against women are shifting in many countries.Together, these factors are giving women greater decision-making power. Improving gender equality coincides with the rapid growth of the “global middle class.” Sectors likely to benefit from women’s growing buying power include food, healthcare, education, childcare, apparel, consumer durables and financial services.
-In the BRICs and N-11 countries, gender gaps in education, employment, health and political representation are narrowing. At the same time, laws and social norms that have discriminated against women are shifting in many countries.Together, these factors are giving women greater decision-making power. Improving gender equality coincides with the rapid growth of the “global middle class.” Sectors likely to benefit from women’s growing buying power include food, healthcare, education, childcare, apparel, consumer durables and financial services.
-The Chinese proverb that ‘women hold up half the sky' has long been more aspiration than fact. In developed and developing countries alike, gender gaps persist in education, health, work, wages and political participation. Education is key to gender equality. Educating girls and women leads to higher wages; a greater likelihood of working outside the home; lower fertility; reduced maternal and child mortality; and better health and education. The impact is felt not only in women’s lifetimes, but also in the health, education and productivity of future generations.
"Womenomics: Japan's Hidden Asset" October 2005
-Don’t underestimate the power of the purse. Higher female participation in the workforce can help mitigate some of Japan’s demographic pressures and raise the long-term trend growth rate. Womenomics is likely to become a secular investment theme, and we identify potential beneficiaries.
-Don’t underestimate the power of the purse. Higher female participation in the workforce can help mitigate some of Japan’s demographic pressures and raise the long-term trend growth rate. Womenomics is likely to become a secular investment theme, and we identify potential beneficiaries.
3 comments:
Thanks for posting all this great research in one place!
Again, I'm disappointed, this time doubly. That this appears here as proof text of raging anti-female professional bias is bad...that Goldman Sachs felt the needt to so pander is even more disturbing.
To even state something about educational disparity is amazing when we see 60% of entrance to university as female. I read a comment by a feminist recently that cited that figure and said, "this is progress, soon we will reach equality".....that sums up the state of affairs rather nicely.
Goldman Sachs cares about women???? Sounds like a PR stunt to me. What's next? RJ Reynolds doing research about good health outcomes for teenagers?
Goldman Sachs executives, I invite you to come to Detroit and visit the hundreds and hundreds of vacant houses and their former female residents who lost their homes due to the foreclosure/mortgage crisis that you caused. Stop by the overwhelmed food banks and homeless shelters while you're at.
If you really want to do something for women, start lobbying for more regulations so your industry doesn't spin out of control.
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