Free Markets: The Unsung Hero of Women's Economic Empowerment
On International Women's Day, a provocative argument emerges from economic historian Victoria Bateman: free markets are not the enemy of feminism, but rather its ally. In her latest book, Economica: A Global History of Women, Wealth & Power, Bateman dismantles leftist narratives that paint capitalism as the villain in women's economic struggles, pointing instead to collectives as the true culprits of historical marginalization.
Revisiting History: Women as Wealth-Creators, Not Victims
Contrary to popular belief, business has never been exclusively a male domain. Bateman highlights that for every iconic male entrepreneur like Henry Ford, there existed equally savvy and inventive female counterparts. Historical archives, such as business cards from eighteenth-century London housed at the British Museum, reveal a bustling scene of female shoemakers, toy makers, tea sellers, and printers. Women-run enterprises thrived on every street of the capital, challenging the myth that companies were solely founded and operated by men.
This oversight in historical accounts has fueled anti-capitalist rhetoric, suggesting that capitalism offered opportunities only to half the population. Bateman argues that leftist historians have often ignored women's entrepreneurial roles, depicting them as passive victims rather than active participants in wealth creation. By doing so, they have skewed perceptions of the past, making socialism appear more appealing to women seeking equal opportunities.
The Collective's Role in Excluding Women
Bateman's research identifies trade unions, guilds, and professional societies—collectives of men—as primary agents in locking women out of lucrative employment. During the Industrial Revolution, male trade unionists used their collective power to pressure employers into excluding women from industries like hat making, bookbinding, and cotton spinning. In 1834, London tailors even went on strike to bar women from their trade, justifying their actions as protecting women from exploitation and child neglect.
Similarly, in the Victorian era, as white-collar work expanded, professional organizations such as those in law and accountancy acquired Royal Charters and systematically excluded women. It wasn't until the Sex Disqualification (Removal) Act of 1919 that such practices became illegal. Bateman notes that this pattern persists today in low-income countries, where men often conspire to keep women out of formal employment, leading to high rates of female self-employment.
Markets as a Lifeline for Women
In contrast, free markets have historically provided women with avenues for economic survival and success. Priscilla Wakefield, for instance, established England's first penny savings bank for women and children in 1798, demonstrating female innovation in finance. Georgian women, far from being mere housewives, were actively engaged in business, as evidenced by pamphlets advising women to contribute economically to their households.
Globally, entrepreneurship remains a critical tool for women's empowerment. In East Asia and South America, one in two businesses are owned by women, while in low-income countries, 88% of working women are self-employed. Bateman emphasizes that markets—through the freedom to trade and barter—often serve as the only means for women in impoverished regions to support themselves and their families.
Conclusion: Embracing Free Enterprise
Bateman calls for a reevaluation of leftist histories that not only deny women's contributions to business but erroneously blame capitalism for societal ills. She asserts that what women truly have to fear is not free markets, but the collective forces that have historically restricted their economic opportunities. By acknowledging the empowering role of free enterprise, we can foster a more accurate and inclusive understanding of women's economic history.
Dr. Victoria Bateman, an economic historian and Fellow of the Royal Historical Society, continues to challenge conventional narratives with her groundbreaking work, offering a fresh perspective on the intersection of gender, wealth, and power.
