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"Sharing the fruits of growth and globalization equally between men and women is essential to meeting key development goals."--Justin Yifu Lin, World Bank Chief Economist and Senior Vice President, Development Economics.

Since 1978, the World Bank has released its annual World Development Report which focuses on a specific aspect of development through an economic leans and shares its findings with the international community.  The 2012 report, released last week, focuses on the economics behind gender equality and development, sharing where improvements have been made and pointing to where progress is lacking.

There are obvious moral reasons that improving gender equality is important.  But, gender equality is also smart economics.  The benefits of improved gender equality include:

• Productivity Gains: "Woman now represent 40 percent of the global labor force, 43 percent of the world's agricultural labor force, and more than half the world's university students.  Productivity will be raised if their skills and talents are used more fully."
• Improved outcomes for the next generation: "Greater control over household resources by women can enhance countries' growth prospects by changing spending patterns in ways that benefit children.  And improvements in women's education and health have been linked to better outcomes for their children in countries as varied as Brazil, Nepal, Pakistan, and Senegal."
• More representative decision making: "Gender equality matters for society more broadly.  Empowering women as economic, political, and social actors can change policy choices and make institutions more representative of a range of voices.  In India, giving power to women at the local level led to increases in the provision of public good."

History is full of examples of society improving along with gender equally.  In the United States, female suffrage led to policy makers focusing more attention on child and maternal health which decreased infant mortality by 8 to 15 percent.  In India, when women were given power at the local level there was an increase in the provisions of public goods and a decrease in corruption.

The report shares three ways that improving gender equality can enhance economic efficiency and improve development in developing countries.

• First, large productivity gains can be reached by erasing barriers that keep women from having equal access to education, economic opportunities, and productive inputs.
• Second, many developments outcomes are improved by improving women's absolute and relative status.
• And finally, a better development path can be reached by allowing women to become as socially and politically active as men.

Many of the artists VirtuArte works with are women and women's groups.  Our mission is to help them generate a sustainable income while helping them to preserve their traditional craftsmanship.  By supporting VirtuArte and purchasing the handcrafted items in the VirtuArte collection, you are helping to improve the economic opportunities for these women and their children and promote gender equality.

Take a look at the 2012 World Development Report for yourself.  We would love to hear your thoughts on the importance, economically and socially, of gender equality.