Tuesday, May 31, 2011

Human Cost of Recessions: Assessing It, Reducing It

According to a November, 2010 IMF paper:
Labor markets remain in a dire state. Over 200 million people across the globe are unemployed. Nearly three-fourths of the increase in the number of unemployed people during the Great Recession has occurred in the “advanced” (i.e. high-income) economies. Youth unemployment and long-term unemployment have increased substantially in most advanced countries. If the effects of past recessions are a guide, these developments can exact a heavy human toll.

It's interesting to note that two-thirds of the increase in unemployment from 2007-2010 came from the U.S. and Spain:

It's also interesting to note the connection between shareholder rights vs. workers' rights when comparing the number of lost jobs throughout the world.  More coming on this later! See here.