The provost hosts an annual conference on diversity and gender equity, for which I was invited as the co-speaker with the vice provost and financial director. The main question for me was what kinds of research on gender equity has been translated into policy and what are the challenges and success. The following s a simple outline. I guess they have videoed my talk anyway. Gender equity in workplace I would like to open with one phrase: the personal is political. This is indeed the article title wrote by feminist Carol Hanisch in 1969 and has been a slogan among at least feminist groups. It is not to say that all personal choices women make are political, but to say that personal problems are political problems. For instance, childbearing is one of many women things. Studies have shown that childbearing often holds women back in their career development. While it is an individual choice, but collectively, it becomes a political problem entailing actions and efforts in the public domain. One more interesting finding is that in more egalitarian countries, women are doing less household errands than women in less egalitarian countries. It is not just couple’s choice, it more or less reflect social and cultural factors. Much has been undertaken over the past few decades in the workplace regarding gender equity and more broadly regarding diversity. 1: there is consensus that institutional factors are responsible for gender inequity. Women are unhappy or not faring well in their careers, not because they are genetically problematic, hysterical or stupid. People come to recognize that institutional factors are to be blamed, not women as a group. For instance, Studies show that sex has impact on who gets the job. Experiments show that with the same credentials (same gradation GPAs, same professional certificates etc) but with different names, the chances of landing a job is significantly different. Women are more likely to be hired in women dominant positions and men are more likely to have offers from male-dominant positions. Unfortunately, those high-paid jobs are often perceived as male-dominant positions, therefore women often have tremendously hard time to step their feet into certain positions Nature published a article titles as nepotism and sexism in peer review. Again with the same CVs, but different names, say one is Julie and the other is Matthew, the results are shocking that women scientists receive consistently lower scores than male scientists, even though both are hypothetical figures. 2. More specifically, what kinds of practices and policies that institutions have been engaged: A. structural commitment: one of most effective policy instruments to promote gender equity is to develop structural commitment, which often refers to women offices, affirmative action offices, chief diversity offers, and offices dealing with inequity grievance, sexual harassment etc. Most of these agencies have been developed within the past two or three decades. You may take them for granted or even feel indifferent, but they represent progress toward gender equity. B. family friendly policies are adopted and wide spread across organizations. For instance, Family and medical leave act in 1993 provides job protected and unpaid leave for qualifying medical and family reasons. United states is possibly the only one among all industrialized countries that do not offer entitlement leave for new parents. But things are changeing. The California became the first state to pass a paid family and medical leave law, providing six weeks of paid leave for new parents. institutions often provide care assistance, leave bank, spousal hiring and even child care facilities to create a level playing field for women. These are often packed in employee benefit plans. Studies do show that family friendly policies increase organizational attractiveness to professional employees C. Diversity management. institutions are now offering a great deal of diversity and equity training, mentoring programs, professional development programs, which target to reduce the isolation and marginal status of women professionals. 3. More needs to be done Unfortunately, while institutional efforts are important and make substantial progress, the commitment needs to be further strengthened as you can see now we still have a wide gender gap. This year’s data show that women earn 77 cents of a dollar earned by men. Women are not in par with men in career opportunities, particularly senior, high paid positions. The shift, however, is seen from addressing overt form of discrimination to nuanced behavior and environmental factors A. subtle discrimination, while often occurred by individuals toward individuals, proves no less detrimental to women, further demoting women’s chances to be truly equal. For instance, some people hold dear the belief that women are vulnerable and needs more protection. Scholars often call it benevolent sexism, which proves equally harmful to women’s career B. some taken-for-granted process or culture may hurt women than people even might think of. Interaction among people often automatically sex-categorize others, and use gender stereotypes to make decisions. For instance, male with children are often perceived as a symbol of high responsibility, while women with kids are often perceived as irresponsible as women have to take care of them. c. Also consistent pattern has been found that positions occupied by women leaders are often undervalued. You may not be surprised to know that some female leaders are so bossy, so pushy and so this and so that.
China's Economy "Bottoming Out"? - Not So Fast! Submitted by Tyler Durden on 12/04/2012 14:27 -0500 China Fitch Gross Domestic Product Michael Pettis ratings Reuters While China's equity index continues to plumb new depths, the macro data of the past two weeks has been the crutch for US equity bulls losing faith in the fiscal cliff negotiations - growth is up, investment is up, and inflation is down - with analysts hailing the news as evidence that the Chinese economy has "truly bottomed out." As Michael Pettis, of China Financial Markets , notes though "I think we need to be very cautious and refrain from allowing ourselves to get too caught up in the huge sigh of relief that the sell side is heaving . Growth rates in China will continue to slow dramatically in the next few years, and if there are temporary lulls, as there must be, these do not represent any sort of “bottoming out” at all." His perspective is simply that Beijing cannot afford 'politically' to allow the transition/adjustment/reforms to take place too fast - and occasionally needs "to step on the investment accelerator." The bottom-line, he notes, is that " you can get as much growth as you like if you expand credit, but once expanding credit has become the problem, it cannot also be a permanent solution to slower growth . The country’s balance sheet continues to deteriorate – and the most recent growth spurt implies faster deterioration – and this, ultimately, is the main constraint of the Chinese growth model." SHCOMP vs HSI or Industrial Output vs PMI Via Michael Pettis, China Financial Markets : The big news in the past two weeks has been the slew of economic data suggesting that China has firmly turned the corner on its economic closedown. ... I think we need to be very cautious and refrain from allowing ourselves to get too caught up in the huge sigh of relief that the sell side is heaving . Growth rates in China will continue to slow dramatically in the next few years, and if there are temporary lulls, as there must be, these do not represent any sort of “bottoming out” at all. They simply represent the fact that Beijing cannot afford politically to allow the adjustment to take place too quickly , and from time to time Beijing is are going to step on the investment accelerator to speed things up temporarily. More credit Doing so of course will only make the adjustment longer and more painful , but given how difficult politically the transition to a balanced economy is likely to be, we would be crazy to expect otherwise. ... You can get as much growth as you like if you expand credit , but once expanding credit has become the problem, it cannot also be a permanent solution to slower growth. The country’s balance sheet continues to deteriorate – and the most recent growth spurt implies faster deterioration – and this, ultimately, is the main constraint of the Chinese growth model. Within the banking sector we are seeing all kinds of strains as companies and banks stretch for liquidity. Large-company receivables are growing quickly, as are payables (no one, it seems, wants to part with cash), loans simply are not getting repaid, and deposits are no longer growing, perhaps because flight capital is more than enough to offset China’s very high trade surplus. ... Remember that thanks to disguised flight capital and commodity stockpiling the surplus is almost certainly a lot larger than reported, and yet banks are still feeling the liquidity squeeze . And for all their happy noises, the authorities nonetheless are worried, at least about certain parts of the banking system. ... Most worrying of all Charlene Chu, perhaps the only analyst who actually understand what is happening in the banking system, released a new report with Fitch Ratings that is described in a Reuters article : Fitch Ratings says faster growth of broad credit in Q312 was one factor behind the recent improvement in Chinese economic data . In a comment published today, the agency highlights that, after slowing from Q411 to Q212, broad credit is back on track to surpass CNY17trn (USD2.7trn) in 2012. Fitch’s measure of broad credit includes shadow and offshore sources omitted from the central bank’s official total societal financing metric. “ This marks the fourth year in a row that net new credit will exceed one-third of GDP ,” said Charlene Chu, Head of Chinese banks’ ratings at Fitch. At current growth rates, by 2013 China’s banking sector assets will have expanded by nearly USD14trn since 2008. This is equivalent to replicating the entire US commercial banking sector in just five years . Such massive balance sheet expansion has limits, according to the agency. You can accelerate investment forever It is, to me, astonishing that China in just five years is “replicating the entire US commercial banking sector”, and yet so many analysts are expressing delight with China’s return to growth. Of course you can generate growth if you force such a tremendous expansion in credit, but this is simply unsustainable. I know I’ve said this many times, and I apologize for boring regular readers, but while I expected that politics would require a jump in growth over the rest of this year and the beginning of the next, this “good growth” tells us nothing about the health of the underlying economy. It only tells us how difficult politically the transition is likely to be. My guess is that the more difficult the consolidation of power, the longer the period of above 7% growth – so the happier the sell-side analysts are, the more worried long-term investors should be. At some point growth will start dropping rapidly again, and of course the same analysts who are now hailing the return to rapid growth will assure you, when growth begins to slow sharply again, that this was part of Beijing’s plan and was fully predictable. China is slowing because Beijing wants it to slow, they will say, and that’s a good thing. Meanwhile the fact that China is speeding up is also a good thing. ... I also published for Foreign Policy last week a longer piece on the challenges facing the new leadership in China . My main argument in the Foreign Policy piece is that both historical precedents and a common sense understanding of the rebalancing process suggest that politics, not economics, will determine China’s success . So far Beijing has succeeded largely because of its ability to collect and control the total savings of the country, and unleash waves of investment whenever necessary. Many countries have done the same things, but once credit expansion is no longer efficiently invested, few countries have made the transition to a different growth model . Powerful groups who benefitted from the old growth model – in China they are referred to generically as “vested interests” – have always succeeded in diluting or preventing the necessary reforms. The rebalancing always occurs anyway, either in the form of a debt crisis and negative growth or in the form of a long period of no growth and slow rebalancing. Some times – very rarely – the country completes the rebalancing and then moves swiftly on to becoming a developed country, but this doesn’t happen often. Of the dozens of developing economies that have experienced investment-driven growth miracles in the past 100 years, the only ones that have managed the transition to developed country status are South Korea, Taiwan, and maybe Chile. This is a pretty limited success ratio. China’s previous success, in other words, tells us noting about how it will manage the next stage, and the precedents give us little reason to assume that the country can’t help but advance to the next stage of development. In fact the more confident Beijing is that it will manage the transition successfully, the less likely it is to succeed, which is why I am delighted that policy advisors seem so much more pessimistic than sell-side analysts. What happens to China will be determined largely by the political decisions it will make in the next few years, and it is foolish to assume we know how things will turn out. Average: 4.8 Your rating: None Average: 4.8 ( 5 votes) Tweet Login or register to post comments 5183 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: The Three Toughest Questions For China Bulls Charting The Undoing Of Credit-Fueled Globalization The Far More Important 'Election' Part 1: China's Political Process Why The Real Earnings Picture Is Bad And Getting Worse Guest Post: Ceilings, Cliffs And TAG - 3 Immediate Risks
If The Market's Disconnect With Economic Reality is Over, Watch Out Below Submitted by Tyler Durden on 10/19/2012 18:14 -0400 Equity Markets Reality As market participants ponder the disappointing post-QEtc. performance on their 'Bernanke/Draghi-Put'-floored equities, perhaps these three charts will help in comprehending just how much hope there is in the world's equity markets. The disconnect from macro-fundamental is not unique, but has had significant and extremely rapid repercussions in the past. It seems, however, that just like AAPL, everyone believes everyone else to be the greater fool - and this time is different . Germany's DAX 'disconnected' from economic reality in 2007 (to the euphoric side) and in 2011 (to the dysphoric side). It seems once again that hope has taken over... The SP 500 also exhibits the same disconnect - though even more significantly... This happened before in the US... That didn't end so well either... Charts: Bloomberg Average: 5 Your rating: None Average: 5 ( 7 votes) Tweet Login or register to post comments 10272 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: All The Olympic Charts That's Fit To Print, And More Trade War Escalates: China Threatens US Over Renewable Energy The 4 Most Disconcerting Charts For European Equity Holders Europe 'Soars' To 4-Day High On Draghi 'Solution' Guest Post: Why QE Won't Create Inflation Quite As Expected
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