This article is based on an address to the Governing Body of the ILO, delivered in Geneva on 12 March 2009 on the occasion of the award to the author of the 2008 ILO Decent Work Research Prize.
The global crisis, social protection and jobs
Article first published online: 30 JUN 2009
Copyright © The author 2009 Journal compilation © International Labour Organization 2009
International Labour Review
Volume 148, Issue 1-2, pages 1–13, June 2009
How to Cite
STIGLITZ, J. (2009), The global crisis, social protection and jobs. International Labour Review, 148: 1–13. doi: 10.1111/j.1564-913X.2009.00046.x
Responsibility for opinions expressed in signed articles rests solely with their authors and publication does not constitute an endorsement by the ILO.
- Issue published online: 30 JUN 2009
- Article first published online: 30 JUN 2009
- Cited By
- economic recession;
- financial market;
- monetary policy;
- social protection;
- economic recovery;
- United States
Policy responses to the global financial meltdown of 2008 and the collapse of aggregate demand have largely been driven by domestic interests. Resurgent protectionism, bank bail-outs and national-level stimulus packages are distorting competition and incentives to the detriment of developing countries, much-needed spending on social protection and, ultimately, rapid global economic recovery. Warning against underestimation of the job-destruction potential of the current crisis, the author argues for a truly global stimulus package, together with a rethink of economic paradigms and regulatory policies, financial assistance to developing countries, a less constraining IMF, and stronger social protection as an automatic stabilizer of economies.