Economic Stress, Human Capital, and Families in Asia: Research and Policy Challenges
This chapter describes the background and rationale for this volume. An overarching conceptual framework used in this volume is provided, and findings from each chapter are summarized. Future research directions and policy implications for economic stress
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Economic Stress, Human Capital, and Families in Asia: Research and Policy Challenges Wei-Jun Jean Yeung
Background The changing demographic landscape, globalization, natural disasters, financial crises, and the revamping of social safety nets in many Asian countries in the past few decades have subjected countless people to economic stress (Cameron 2002; Fallon and Lucas 2002; Kim and Park 2006; Nobles and Buttenheim 2006; Thomas and Frankenberg 2007; United Nations 2009). Job and income loss, volatile gasoline and food prices, and growing residential insecurity top the list of sources of family economic stress in recent years (Lokshine and Yemtsov 2004; Madhavan and DeRose 2008). Research has shown that economic stress is linked to poor human capital development, emotional distress, health problems, unstable marriages, curtailed family consumption, modified employment behavior of family members, changing union formation and fertility patterns, more frequent geographic movement, and harsher parenting behavior (Catalano et al. 2005; Conger and Conger 2008; Friedman and Thomas 2009; Frankenberg et al. 2005; Ruhm 2000; Stuckler et al. 2009). Falling incomes and rising poverty may also erode a family’s social support networks, leaving them isolated and unable to engage in social exchange. Previous research in western societies shows that changes in opportunity structure do not affect all households in the same manner. Family wealth, human capital, and support networks help buffer families from sudden economic shocks (Yeung and Hofferth 1998). Community resources, public assistance, and local labor market conditions also affect families’ ability to cope with adversity. Certain groups, such as unskilled workers, the working poor, single-parent families, or
W.-J.J. Yeung () Department of Sociology & Asia Research Institute, National University of Singapore, Block AS1, 11 Arts Link, 117570 Singapore, Singapore e-mail: [email protected]; [email protected] W.J.J. Yeung and M.T. Yap (eds.), Economic Stress, Human Capital, and Families in Asia: Research and Policy Challenges, Quality of Life in Asia 4, DOI 10.1007/978-94-007-7386-8__1, © Springer ScienceCBusiness Media Dordrecht 2013
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ethnic minorities, are at greater risk of economic hardship. Families with multiple barriers are especially vulnerable to economic stress. However, research in the USA reveals that middle-class families or highly skilled workers are not immune to these economic uncertainties either (Duncan et al. 1996). Research also shows that family members carry unequal burdens, with more adverse impact typically on women, children, and the elderly. The ability of families and governments to adapt to changes in the economy has long-lasting implications for human capital development, intergenerational mobility, and future economic growth of a society. Research from western countries may not be applicable to Asia where many countries still have a relatively lower income, public safety nets are more tenuous than in many American or Europe
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