Women Money Power: The Rise and Fall of Economic Equality

Money is not merely currency—it symbolizes freedom, power, and autonomy. For centuries, women were systematically denied equal access to money and the freedom and power that came with it. They were restricted from owning property or transacting in real estate. Even well into the 20th century, women could not take out their own loans or own bank accounts without their husband’s permission. They could be fired for getting married or pregnant, and if they still had a job, they could be kept from certain roles, restricted from working longer hours, and paid less than men for equal work. It was a raw deal, and women weren’t happy with it. So they pushed back. In veteran financial journalist Josie Cox’s 2024 book Women Money Power: The Rise and Fall of Economic Equality, she tells the story of women’s fight for financial freedom. This is an inspirational account of brave pioneers who took on social mores and the law, including the “Rosies” who filled industrial jobs and helped win WWII, the heiress whose fortune helped create the birth control pill, the brassy investor who broke into the boys’ club of the New York Stock Exchange, and the namesake of landmark equal pay legislation who refused to accept discrimination.

Josie Cox is a journalist, author, broadcaster, and public speaker who has worked on staff for Reuters, The Independent, and The Wall Street Journal. As a freelancer, she has covered the intersection of the economy and gender for almost a decade, writing for Bloomberg, BBC, The Washington Post, Forbes, The Guardian, Business Insider, MSNBC, Fortune, and other publications. She was a 2020/2021 Knight-Bagehot Fellow at Columbia Journalism School, holds a BA from the University of Bath in the UK and an MBA from Columbia Business School. She is an Associate Instructor within the Strategic Communications program at Columbia’s School of Professional Studies. Women Money Power is her first book, published by Abrams in March 2024, charting the history of female economic empowerment in the US since WWII through profiles and stories of unsung heroes. The audiobook, which Cox recorded herself, won an Audiofile Magazine Earphones Award. Cox’s expertise, access to primary sources, and rigor as a financial journalist enable her to tell a story that is simultaneously deeply historical and urgently contemporary.

Women Money Power’s strength lies in combining economic history with feminist analysis. Cox traces how women were excluded from economic life not only through explicit legal prohibitions but through subtler cultural norms, institutional barriers, and systematic discrimination. She shows how money is inseparable from power—whoever controls money has power to make decisions, shape society, and control their own destiny. When women were denied money, they were also denied power.

Cox begins with history, documenting legal and social restrictions women faced. Through the 19th and most of the 20th century, married women in most Western countries were subject to “coverture”—legal theory holding that husband and wife were legally one person, and that person was the husband. This meant married women could not own property, sign contracts, sue or be sued, or retain their earnings. Any money they earned legally belonged to their husbands. Any property they owned transferred to their husbands upon marriage. They were legally “invisible”—without independent legal identity or economic existence.

Even as legal reforms over time allowed married women to own property and control their income, social norms still limited women’s economic participation. Women were expected to be homemakers—caring for house and children rather than engaging in paid work. If they worked, it was before marriage or when the family needed extra income. Their work was viewed as secondary, temporary—“pin money” rather than breadwinning wages. They were channeled into “women’s” occupations—teaching, nursing, secretarial work—paid less than male-dominated industries and offering fewer advancement opportunities.

Cox focuses particular attention on World War II as a turning point for economic participation. When millions of men went to war, women were called to fill positions in factories, shipyards, aircraft plants—jobs previously considered unsuitable for women. These women, often called “Rosie the Riveters” (after an iconic war poster), proved they could do any job men could do. They welded, assembled aircraft, operated heavy machinery. They made crucial contributions to the war effort, and their labor was essential to Allied victory.

But more importantly, wartime work gave women economic independence and confidence. They earned good wages—often more than they had earned in traditional “women’s” jobs. They learned new skills, took on responsibilities, proved their capabilities. They experienced economic autonomy and the satisfaction of meaningful work. Many did not want to return to being solely homemakers.

But when the war ended, social pressure and economic policies pushed women out of their jobs to make room for returning veterans. Media campaigns promoted homemaking as the ideal—suggesting women were happiest at home caring for husbands and children. Employers fired women or demoted them to low-paid positions. Government policies like the GI Bill provided education and housing benefits for veterans but not for women—even those who had served. The postwar period saw reassertion of “traditional” gender roles where men were breadwinners and women were homemakers.

But not all women went home, and many resisted this pushback. Cox documents women who began organizing for economic rights from mid-century. She tells stories of pioneering women like Katharine McCormick, who used her inherited fortune to fund development of the oral contraceptive pill. The Pill, widely available in the 1960s, had profound economic implications. It enabled women to control their fertility, meaning they could delay or avoid pregnancy, complete education, pursue careers, and plan their economic futures. The Pill is often cited as one of the most important technologies for women’s economic empowerment.

Cox also tells the story of Muriel Siebert, who became the first woman member of the New York Stock Exchange in 1967. The Exchange was the ultimate symbol of financial power—an exclusive male club from which women were explicitly excluded. Siebert spent ten years trying to buy a seat, facing rejection after rejection. When she finally succeeded, she had to operate in an openly hostile environment—male colleagues refused to speak to her, there were no women’s restrooms (because there had never been women), and her clients frequently underestimated her. But she persisted, paved the way, and eventually built a successful firm. Her story symbolizes barriers women faced entering male-dominated fields and the persistence and courage required.

One of the book’s most important themes is the fight for equal pay. Cox traces the movement’s history from early activists to the 1963 Equal Pay Act (signed into law by President John F. Kennedy). The law mandated employers must pay men and women the same for substantially equal work. This was a major victory, but enforcement was weak and many loopholes existed. Employers could circumvent the law by giving men and women different job titles even when they did the same work, or by claiming wage differences were based on seniority or other “legitimate” factors.

Cox tells the story of Lilly Ledbetter, whose case became symbolic of the equal pay movement. Ledbetter worked as a supervisor at Goodyear Tire for nearly 20 years before discovering she was paid significantly less than male colleagues doing the same job. She sued for discrimination, won a jury verdict, but the Supreme Court overturned it, ruling she had sued too late (according to the Court, she should have sued within 180 days of when discrimination first occurred, even though she didn’t know about it then). This decision sparked public outcry and led to passage of the 2009 Lilly Ledbetter Fair Pay Act, making it easier for employees to challenge pay discrimination. Ledbetter herself became an advocate for pay equality, and her name became synonymous with the fight for equal pay.

But as Cox documents, the battle for equal pay is far from over. In 2024, US women earn 84 cents for every dollar earned by men—a gender wage gap that has barely narrowed since the mid-2000s. For women of color, the gap is larger: Black women earn 67 cents, Latina women earn 57 cents, and Native American women earn 60 cents. The gap is not just about equal pay for equal work—it’s also about women being channeled into lower-paid occupations, being excluded from high-paying industries, being unable to advance to the highest-paid leadership positions (the glass ceiling), and having their careers interrupted by pregnancy or caregiving responsibilities.

Cox explores the glass ceiling—the invisible barrier excluding women from senior leadership positions. While women are roughly equally represented in the workforce (approximately 47% of the US workforce), they are severely underrepresented at the top. Women comprise only about 10% of Fortune 500 CEOs, about 30% of board members, and about 28% of Congress members. This underrepresentation is not just a numbers issue; it’s an issue of power and influence. Those who make decisions, set policies, and allocate resources are primarily men, meaning their perspectives and interests dominate.

Cox also examines the “motherhood penalty”—the economic disadvantage women face after having children. Research shows mothers earn less than women without children, while fathers actually earn more than men without children. This is partly because mothers are more likely to reduce work hours or exit the workforce to care for children, interrupting their careers and missing opportunities for promotions and raises. But it’s also because of employer discrimination—assuming mothers are less committed or less capable and therefore not considering them for promotions or paying them less. The motherhood penalty is a major reason women’s lifetime earnings are far lower than men’s.

Cox also explores unpaid labor—the care and domestic work women perform that is not economically recognized or compensated. Women spend an average of two more hours per day than men on unpaid labor—cooking, cleaning, caring for children, caring for elderly relatives, managing households. This labor is essential to society’s functioning—without it, the economy would collapse. But it’s taken for granted, considered “women’s work,” and deemed unworthy of payment or recognition. The burden of unpaid labor limits women’s ability to participate in paid work, pursue careers, and accumulate wealth.

From a gender equality history perspective, Cox documents progress and setbacks in women’s economic status. The 1960s and 1970s saw major legislative advances: the Equal Pay Act (1963), Title VII of the Civil Rights Act (1964, prohibiting employment discrimination based on sex), the Pregnancy Discrimination Act (1978, prohibiting discrimination due to pregnancy). Women entered higher education and professions in large numbers—by the 1980s, women earned more bachelor’s degrees than men. Women entered previously male-dominated fields like law, medicine, and business.

But progress was uneven and accompanied by backlash. The 1980s and 1990s saw conservative backlash against feminism—claims that feminism had “gone too far,” that women now had advantages, that men were suffering. Media propagated stories about women “going home” or “opting out,” suggesting women didn’t want careers. Economic recessions disproportionately affected women, who were often first to be fired. Attacks on reproductive rights and social supports made it harder for women to balance work and family.

Cox also examines intersectionality—how gender intersects with race, class, and other identities to create unique economic disadvantages. White women face sexism, but their experiences differ from those of Black women, Latina women, Asian women, immigrant women, disabled women, LGBTQ+ women. Women of color face double discrimination—racism and sexism—resulting in larger wage gaps, lower promotion rates, and higher unemployment rates. Cox emphasizes that any discussion of women’s economic empowerment must acknowledge these differences and address barriers faced by all women, not just privileged women.

One of the book’s most powerful aspects is how Cox connects historical narrative with contemporary analysis. She shows how past struggles shape the present and how historical injustices continue to have impacts. For example, women’s exclusion from certain professions meant they didn’t build seniority or expertise, keeping them underrepresented in those fields. Women’s lesser property ownership or investment meant they accumulated less wealth, affecting their economic security and ability to pass wealth to the next generation. Women’s career interruptions for caregiving mean they have less Social Security benefits and pensions, leading to elder poverty.

Cox also explores COVID-19 pandemic impacts on women’s economic status. The pandemic disproportionately affected women in what was called a “she-cession.” Women were more likely to work in industries hit hardest by the pandemic (retail, hospitality, personal services). Women were more likely to lose jobs or reduce work hours due to school closures and increased caregiving needs. Women were more likely to shoulder pandemic-related care labor—caring for sick family members, educating children at home. The pandemic reversed decades of progress in women’s workforce participation, pushing millions of women out of the workforce. While recovery is underway, long-term impacts on women’s careers, earnings, and economic security are still emerging.

But Women Money Power is ultimately a book about resilience and persistence. Despite enormous obstacles, women continue fighting for economic justice. They organize unions, file lawsuits, run for office, start businesses, and mentor young women. They refuse to accept inequality as inevitable or natural. They imagine and create different futures.

Cox concludes with reflections on the path forward. She recognizes challenges to achieving true economic equality are immense. It requires not only legal reforms but cultural change. It requires addressing root causes: occupational segregation, glass ceilings, motherhood penalties, unpaid labor, intersectional discrimination. It requires policies like affordable childcare, paid family leave, flexible work arrangements, pay transparency, strong anti-discrimination enforcement. It requires men as allies and partners, shouldering their fair share of care labor and advocating for workplace equality. It requires recognizing that women’s economic empowerment benefits not just women but everyone—families, communities, and entire economies.

From a feminist theory perspective, Women Money Power makes important contributions to understanding gender and economics. It shows economic inequality is not natural or inevitable but the result of laws, policies, norms, and discrimination. It applies gender analysis to finance, labor markets, and wealth accumulation—areas often seen as gender-neutral but actually deeply gendered. It recognizes economic power is inseparable from political and social power—that women’s economic empowerment is a necessary foundation for broader gender equality.

Josie Cox’s Women Money Power: The Rise and Fall of Economic Equality is a timely, important, and inspiring work. It is a history of women’s economic struggles, an analysis of current inequality, and a hopeful story of ongoing activism. For anyone wanting to understand how women have fought for economic freedom, what progress they’ve made, and what obstacles they still face, this book is essential reading. It reminds us that economic justice is central to feminist struggle, and the battle for money and power is far from over. As Cox writes: “Women’s economic equality is not a distant dream but a goal we can and must achieve.” This is an invitation to all of us—to learn the history, understand the present, and work for economic justice for all women.