Economic Justice and the 2003-2010 Recession: Lessons Learned for Multi-Level Social Work Practice
Affiliation(s)
1 Department of Social Work, Kutztown University of Pennsylvania, Kutztown, PA, USA. 2 Department of Economics, Suffolk University, Boston, MA, USA.
1 Department of Social Work, Kutztown University of Pennsylvania, Kutztown, PA, USA. 2 Department of Economics, Suffolk University, Boston, MA, USA.
ABSTRACT
The pursuit of social justice is a defining value of the social work profession, and its economic component is widely perceived to be an essential component of this quest. Consequently, social workers will practice to their fullest capacities if they understand the contemporary economic phenomena needed to promote social justice on all levels of practice, and discipline-specific knowledge in an accessible format is required to do so. In response, this paper provides a social work perspective on the world-wide recession of 2003-2010 along with implications for micro, mezzo and macro practice.
The pursuit of social justice is a defining value of the social work profession, and its economic component is widely perceived to be an essential component of this quest. Consequently, social workers will practice to their fullest capacities if they understand the contemporary economic phenomena needed to promote social justice on all levels of practice, and discipline-specific knowledge in an accessible format is required to do so. In response, this paper provides a social work perspective on the world-wide recession of 2003-2010 along with implications for micro, mezzo and macro practice.
Cite this paper
Gasker, J. and Yu, J. (2014) Economic Justice and the 2003-2010 Recession: Lessons Learned for Multi-Level Social Work Practice. Advances in Applied Sociology, 4, 261-270. doi: 10.4236/aasoci.2014.412030.
Gasker, J. and Yu, J. (2014) Economic Justice and the 2003-2010 Recession: Lessons Learned for Multi-Level Social Work Practice. Advances in Applied Sociology, 4, 261-270. doi: 10.4236/aasoci.2014.412030.
References
[1] Board of Governors of the Federal Reserve (2014a). Open Market Operations. Washington DC: Author.
http://www.federalreserve.gov/monetarypolicy/openmarket.htm [2] British Broadcasting Corporation (2009). Timeline: Credit Crunch to Downturn. 7 August 2009.
http://news.bbc.co.uk/2/hi/business/7521250.stm [3] Bureau of Labor Statistics (2014). Labor Force Statistics from the Current Populations Survey: Total Unemployed Plus Discouraged. Washington DC: Author.
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http://www.federalreserveeducation.org/about-the-fed-history/2006andbeyond.cfm [11] Granruth, L. B. (2009). Justice Implications of the Proposed Federal Family and Work Tax Credits: Applying Justice Theories to Policy Advocacy. Families in Society: The Journal of Contemporary Social Services, 90, 205-211.
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http://dx.doi.org/10.1177/0020872807081899 [15] Marsh, J. (2005). Social Justice: Social Work’s Organizing Value. National Association of Social Workers, 50, 294-294. [16] McLaughlin, A. M. (2011). Exploring Social Justice for Clinical Social Work Practice. Smith College Studies in Social Work, 81, 234-251.
http://dx.doi.org/10.1080/00377317.2011.588551 [17] National Association of Social Workers (2008). Code of Ethics of the National Association of Social Workers. Washington DC: National Association of Social Workers. [18] Sen, A. (1992). Inequality Re-examined. New York: Harvard University Press. [19] Sen, A. (1992). Inequality Re-Examined. Cambridge, MA: Harvard University Press. [20] Standard, & Poor, D. J. I. (2014). S&P/Case-Shiller US National Home Price Index.
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http://www.recovery.gov/arra/About/GetStarted/Pages/WhatisRecoveryAct.aspx [25] USA Today (2011). Timeline of Events in the Financial Crisis.
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http://dx.doi.org/10.1080/03124070902748894 [27] Wollen, B. J., & Bauer, J. W. (1990). Correlates of Financial Counseling Outcomes: Implications for Practitioners. Families in Society: The Journal of Contemporary Human Services, 71, 148-157.
[1] Board of Governors of the Federal Reserve (2014a). Open Market Operations. Washington DC: Author.
http://www.federalreserve.gov/monetarypolicy/openmarket.htm [2] British Broadcasting Corporation (2009). Timeline: Credit Crunch to Downturn. 7 August 2009.
http://news.bbc.co.uk/2/hi/business/7521250.stm [3] Bureau of Labor Statistics (2014). Labor Force Statistics from the Current Populations Survey: Total Unemployed Plus Discouraged. Washington DC: Author.
http://data.bls.gov/pdq/SurveyOutputServlet [4] Caplan, M. A. (2014). Communities Respond to Predatory Lending. Social Work, 59, 149-156.
http://dx.doi.org/10.1093/sw/swu008 [5] Case, K. E., Fair, R. C., & Oster, S. M. (2014). Principles of Macroeconomics (11th ed.). New York: Pearson. [6] Chang, W.W. (2011). Financial Crisis of 2007-2010. Buffalo, NY: State University of New York at Buffalo. 2011.pbfeam-019-2.doc [7] Despard, M. R., & Chowa, G. A. N. (2013). Training Social Workers in Personal Finance: An Exploratory Study. Journal of Social Work Education, 49, 689-700. [8] Economics of Crisis (2010). The Great Contraction: Timeline of Events. www.economicsofcrisis.com/timeline.html [9] Federal Reserve Bank of New York (n.d.). $600 Billion Treasury Large-Scale Asset Purchase Program. www.newyorkfed.org/markets/fast_facts_lsap.html [10] Federal Reserve Education (2014). 2006 and Beyond: Financial Crisis and Response.
http://www.federalreserveeducation.org/about-the-fed-history/2006andbeyond.cfm [11] Granruth, L. B. (2009). Justice Implications of the Proposed Federal Family and Work Tax Credits: Applying Justice Theories to Policy Advocacy. Families in Society: The Journal of Contemporary Social Services, 90, 205-211.
http://dx.doi.org/10.1606/1044-3894.3875 [12] Grinstein-Weiss, M., Spader, J. S., Yeo, Y., Key, C. C., & Freeze, E. (2012). Loan Performance among Low-Income Households: Does Prior Parental Teaching of Money Management Matter? Social Work, 36, 257-270.
http://dx.doi.org/10.1093/swr/svs016 [13] Karger, H. J. (2005). Credit and Financial Services in America’s Fringe Economy. Social Development Issues, 27, 86-101. [14] Lundy, C., & van Wormer, K. (2007). Social Justice, Human Rights, and Peace: The Challenge for Social Work in Canada and the USA. International Social Work, 50, 727-739.
http://dx.doi.org/10.1177/0020872807081899 [15] Marsh, J. (2005). Social Justice: Social Work’s Organizing Value. National Association of Social Workers, 50, 294-294. [16] McLaughlin, A. M. (2011). Exploring Social Justice for Clinical Social Work Practice. Smith College Studies in Social Work, 81, 234-251.
http://dx.doi.org/10.1080/00377317.2011.588551 [17] National Association of Social Workers (2008). Code of Ethics of the National Association of Social Workers. Washington DC: National Association of Social Workers. [18] Sen, A. (1992). Inequality Re-examined. New York: Harvard University Press. [19] Sen, A. (1992). Inequality Re-Examined. Cambridge, MA: Harvard University Press. [20] Standard, & Poor, D. J. I. (2014). S&P/Case-Shiller US National Home Price Index.
http://us.spindices.com/indices/real-estate/sp-case-shiller-us-national-home-price-index [21] Stiglitz, J. (2012). The Price of Inequality: How Today’s Divided Society Endangers Our Future. New York: Norton. [22] The World Bank (2014). GDP Growth (Annual %).
http://www.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?page=1 [23] US Government Accountability Office (2007). Housing: Information on Recent Default and Foreclosure Trends for Home Mortgages and Associated Economic and Market Developments. www.gao.gov/products/GAO-08-78R [24] US Government Recovery Board (2014). Goals of the Recovery Act. Washington, DC: US Government Recovery Board.
http://www.recovery.gov/arra/About/GetStarted/Pages/WhatisRecoveryAct.aspx [25] USA Today (2011). Timeline of Events in the Financial Crisis.
http://usatoday30.usatoday.com/money/economy/2011-01-28-financial-crisis-timeline_N.htm [26] Wilson, J., Tilse, C., Setterlund, D., & Rosenman, L. (2009). Older People and Their Assets: A Range of Roles and Issues for Social Workers. Australian Social Work, 62, 155-167.
http://dx.doi.org/10.1080/03124070902748894 [27] Wollen, B. J., & Bauer, J. W. (1990). Correlates of Financial Counseling Outcomes: Implications for Practitioners. Families in Society: The Journal of Contemporary Human Services, 71, 148-157.