Does capitalism disfavor women? Evidence from life satisfaction

There is concern, especially in certain feminist circles, that capitalism disfavors women. This could take many forms, for example, lower wages for the same work, reduced career opportunities, disparities in ownership, and the upholding of traditional gender roles, and it could result in capitalism conferring more life satisfaction on men than on women. We test empirically whether this concern is justified. Using the epidemiological approach to rule out reverse causality, we first confirm previous findings that most areas of economic freedom (legal quality in particular, but also monetary stability, openness, and regulation) are beneficial for general life satisfaction. When looking at women and men separately, we find virtually no statistically significant differences, and in the cases we do, the estimates reveal a more beneficial outcome for women. Hence, we conclude that capitalism does not seem to favor men more than women in terms of life satisfaction.