Unequal Hard Times: The Influence of the Great Recession on Gender Bias in Entrepreneurial Financing

Through a discussion of the 2008 mortgage crisis and its similarities to the Great Depression of the 1930's and the Great Recession of 2007–09, I argue that the very notions of economic “crisis” and “recovery” are politically and ideologically constructed, and that conditions of vulnerability, often simply taken for granted as part of the normal social landscape when they affect marginalized populations, become regarded as crises when they affect dominant groups. Each of these crises, I argue, reveals different facets of the ways in which the power, normativity, and privilege of those perceived to be affected by economic hard times serve (1) to construct some economic troubles as “normal” and others as “crises;' (2) to prevent economic problems related to structural inequalities from being treated as crises by dominant political actors and institutions; and (3) to shape ideas about the ostensible solutions and ends to economic crises. By calling attention to these features of economic “crisis,” I aim to demonstrate the relevance of scholarship on race, class, gender, and intersectionality to the understanding of fundamental questions of contemporary political economy not often viewed from this perspective.

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Money and Morale

The Annals of the American Academy of Political and Social Science ◽

10.1177/0002716215596973 ◽

2015 ◽

Vol 663 (1) ◽

pp. 204-228 ◽

Cited By ~ 5

Author(s):

Michael Hout

Keyword(s):

Great Recession ◽

Multivariate Model ◽

Poor People ◽

Social Surveys ◽

The Great Recession ◽

Low Incomes ◽

Hard Times ◽

Better Than ◽

Middle Class People

Dozens of past studies document how affluent people feel somewhat better about life than middle-class people feel and much better than poor people do. New analyses of the General Social Surveys from 1974 to 2012 address questions in the literature regarding aggregate responses to hard times, whether the income-class relationship is linear or not, and whether inequality affects happiness. General happiness dropped significantly during the Great Recession, suggesting that the income-happiness relationship might also exist at the macro level. People with extremely low incomes are not as unhappy as a linear model expects, but there is no evidence of a threshold beyond which personal happiness stops increasing. Comparing happiness over the long term, the affluent were about as happy in 2012 as they were in the 1970s, but the poor were much less happy. Consequently, the gross happiness gap by income was about 30 percent bigger in 2012 than it was in the 1970s. A multivariate model shows that the net effect of income on happiness also increased significantly over time.

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