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Economic security or financial security is the condition of having stable income or other resources to support a standard of living and maintain socioeconomic status now and in the foreseeable future. It includes:

It is the freedom from Financial strain

Financial security more often refers to individual and family money management and savings.[1][2] Economic security tends to include the broader effect of a society's production levels and monetary support for non-working citizens.

Components of individual economic security

In the United States, children's economic security is indicated by the income level and employment security of their families or organizations.[3] Economic security of people over 50 years old is based on Social Security benefits, pensions and savings, earnings and employment, and health insurance coverage.[4]

In 1972, the state legislature of Arizona formed a Department of Economic Security with a mission to promote "the safety, well-being, and self sufficiency of children, adults, and families". This department combines state government activities previously managed by the Employment Security Commission, the State Department of Public Welfare, the Division of Vocational Rehabilitation, the State Office of Economic Opportunity, the Apprenticeship Council, the State Office of Manpower Planning, and the State Department of Mental Retardation.[5]

The Minnesota Department of Economic Security was formed in 1977 from the departments of Employment Services and Vocational Rehabilitation, the Governor's Manpower Office, and the Economic Opportunity Office, which administered anti-poverty programs. In 1985, State Services for the Blind was included in this department. In 2003, the Minnesota Department of Economic Security and Minnesota Department of Trade and Economic Development were merged to form The Minnesota Department of Employment and Economic Development.[6]

Economic security of countries

Main article: Economic security (politics)

Economic security, in the context of politics and international relations, is the ability of a nation-state to follow its choice of policies to develop the national economy in the manner desired. Historically, conquest of nations have made conquerors rich through plunder, access to new resources and enlarged trade through controlling of the conquered nations'economy. In today's complex system of international trade, characterised by multi-national agreements, mutual inter-dependence and availability of natural resources etc., Economic security today forms, arguably, as important a part of national security as military policy.

Economic security has been proposed as a key determinant of international relations, particularly in the geopolitics of petroleum in American foreign policy after September 11, 2001.[7]

In Canada, threats to the country's overall economic security are considered economic espionage, which is "illegal, clandestine or coercive activity by a foreign government in order to gain unauthorized access to economic intelligence, such as proprietary information or technology, for economic advantage."[8]

Other

It is widely believed that there is a tradeoff between economic security and economic opportunity.[citation needed]

Notes and references

  1. Financial Security in Later Life
  2. GAO-08-105 Retirement Security: Women Face Challenges in Ensuring Financial Security in Retirement
  3. Childstats.gov - America's Children: Key National Indicators of Well-Being 2007 - Economic Circumstances
  4. Beyond 50: Summary Tables and Charts
  5. About DES
  6. DEED History
  7. Rupert, Mark (2007). International Relations Theory, Oxford: Oxford University Press.
  8. Backgrounder No. 6: Economic Security


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