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Myth of the Global Safety Net

September 28, 2009

by Jan Breman
from the NEW LEFT REVIEW

Media reports on the economic meltdown have mainly concentrated on the impact of the crisis on the rich nations, with little concern for the mass of the population living in what used to be called the Third World. The current view seems to be that the setbacks in these ‘emerging economies’ may be less severe than expected. China’s and India’s high growth rates have slackened, but the predicted slump has not materialized. This line of thought, however, analyses only the effects of the crisis on countries as a whole, masking its differential impact across social classes. If one considers income distribution, and not just macro-calculations of GDP, the global downturn has taken a disproportionately higher toll on the most vulnerable sectors: the huge armies of the poorly paid, under-educated, resourceless workers that constitute the overcrowded lower depths of the world economy. more

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