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How Will the Global Financial Crisis Affect the Garment Industry and Garment Workers?
Maquila Solidarity Network
Maquila Solidarity Network
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Abstract
"The global financial crisis now underway is expected to have major impacts on North American and European workers and consumers, including massive job losses and reductions in spending power. It will have even more serious consequences for workers in the global South. The financial crisis will undoubtedly reduce US and EU demand for at least some categories of apparel imports from the South as economic uncertainty (about job security, income, and savings) leads Northern consumers to cut back on purchasing and brands and retailers to cut back on production in anticipation of shrinking consumer markets. Consumers will look for sharply-discounted apparel, which will favour some brands and retailers and not others, but in both cases will affect prices paid to suppliers. In this economic climate, in which the only consistent pattern is that things have been worse than earlier predicted, we hesitate to make predictions. What we can do is outline some of what we do know, some of the questions we have about the future, and some of the things to watch for in the coming year."
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Preprint
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2009-02
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Creative Commons Copyright (CC 2.5)