WHAT DOES A ‘YOUNG FEMINIST ECONOMY’ MEAN?
Fora’s Research Assistant Mekhaala Muraly shares her definition.
Building a ‘Young Feminist Economy’ transcends the notion of creating a world for ourselves and all our communities in which everyone has an equal opportunity to access and benefit from all resources, and in which we can experience sexual, political, social, and economic autonomy. On a deeper level, this entails building a world based on self-reliance, individuality, and reciprocity. A ‘Young Feminist Economy’ is not a utopian dream; it is rather a commitment to social justice, to caring for one another, to preserving resources and our planet, and most importantly, a commitment to building new paradigms of just economies.
In today’s world, market-based neo-liberal economics has become the dominant philosophy of economic growth. This model ignores the negative effects that widespread exploitation of human labour and natural resources has on both individuals and society while viewing it as a justifiable means to an end. The Pareto’s ‘appropriation’ aspect of the approach – in which it is impossible to make one party better off without making someone worse off – has led to increased inequality and poverty worldwide rather than bringing about economic and social revival for all communities. This has caused grave economic turbulences by harming people and the environment while aiding and abetting the wealth accumulation of the upper-class population.
“Global crises like climate change, the COVID-19 pandemic, and the widening of income inequality aggravate the negative repercussions of the current system.”
Far worse, the necessities of life such as access to education and healthcare, labour rights, freedom from torture and discrimination, and other fundamental human rights are becoming a privilege to only a select few individuals. The systemic oppression that has been created in the economy sits upon colonialism, patriarchy, sexism, racism, transphobia, queerphobia, and a host of other forms of discrimination, thereby suggesting that it is time to expose fundamental injustices by questioning the existing system from within its own structure.
Global crises like climate change, the COVID-19 pandemic, and the widening of income inequality aggravate the negative repercussions of the current system. This is evidenced by the fact that the risk and problems associated with such crises are disproportionately experienced by the most vulnerable and marginalised groups of people, such as women, youth, gender-diverse people, racial and ethnic minorities and those who are economically disadvantaged. For instance, women engaged in low-wage work, Black, Indigenous and women of colour, migrant and newcomer women, and women with disabilities are severely struck by job losses due to the pandemic (Gladu, 2021). A survey of trans-identified Ontarians found that 13% had been laid off and 18% had been denied employment because of their identities (Bauger et al., 2011). Furthermore, given that frontline and essential workers are typically women, many are burdened with additional domestic caregiving and risky paid labour while coping with the consequences of a global crisis (Oxfam, 2020). These examples are indicative of the seriousness of the situation, and hence assert the need for establishing an equitable economy and an equitable future for young women and everyone marginalised by their gender.
Considering the limitations of the existing system, promoting the idea of a 'Young Feminist Economy' - which emphasizes an intersectional and inclusive approach - could be effective in addressing economic fallout and producing substantial transformations. In my opinion, a 'Young Feminist Economy' is a system where every individual is treated fairly and impartially, regardless of any preconceived notions about their capacity to participate in public life. From a culturally nuanced viewpoint, a 'Young Feminist Economy' also acknowledges and values the contribution of women's labor, particularly in terms of unpaid domestic work, as a crucial element for a well-functioning society.
“In essence, a ‘Young Feminist Economy’ is not a utopian dream but a commitment to social justice! ”
In conclusion, a ‘Young Feminist Economy’ integrates young leaders into decision-making spaces to ensure that they are independent and self-sufficient.
One of the key aspects of this approach is understanding that we as individuals, have the power and agency to shape our own lives and our community.
Secondly, it is important to ensure that society has the will and the determination to challenge traditional power structures and overrule authoritarianism.
Lastly, it is essential to create new systems and institutions designed to support and empower young women and everyone marginalised by their gender, to build a better world for everyone.
In essence, a ‘Young Feminist Economy’ is not a utopian dream but a commitment to social justice!
