Perspectives on Economic Security: Comprehensive Study Notes

Perspectives on Economic Security

Publication Details

  • Title: Perspectives on Economic Security

  • Author: Rosario Adapon Turvey

  • Publisher: Cambridge Scholars Publishing

  • Publication Year: 2023

  • Copyright: © 2023 by Rosario Adapon Turvey. All rights reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission of the copyright owner.

  • ISBN (10): 1-5275-9327-4

  • ISBN (13): 978-1-5275-9327-5

  • Dedication: For Michael James and my parents

Table of Contents Overview

  • List of Figures and Tables: Page ix

  • Acronyms: Page x

  • Preface: Page xii

  • Chapter 1: Introduction: Page 1

  • Chapter 2: The Security Concept: Page 11

  • Chapter 3: Framing Economic Security and Insecurity: Page 30

  • Chapter 4: Economic Diplomacy and Security: Page 60

  • Chapter 5: Economic Security and the Labour Sector: Page 79

  • Chapter 6: Economic Security in Global Development: Page 92

  • Chapter 7: Economic Security as Geo-Security: A Spatial Perspective: Page 138

  • Chapter 8: Economic Security and the Fragile States: Page 151

  • Chapter 9: Vulnerability, Least Developed Countries and the Economic Security Question: Page 166

  • Chapter 10: Economic Security and Sustainability: Page 185

  • Chapter 11: Measuring Economic Security and Insecurity: Page 201

  • Chapter 12: Final Notes: Page 226

  • Index: Page 230

List of Figures and Tables

Figures

  • Figure 3-1: COVID-19 Pandemic and Decline in HDI Values

  • Figure 3-2: Perceptions of Human Insecurity Worldwide

  • Figure 6-3: Human Development Index Dimensions

Tables

  • Table 3-1: Headcounts of Insecurity, Selected European Countries

  • Table 6-2: Goalposts for Human Development Index

  • Table 6-3: Top 10 Countries with Highest Human Development Index 2019

  • Table 6-4: Top 10 Countries with Lowest Human Development Index 2019

  • Table 6-5: Goalposts for Gender Development Index

  • Table 8-6: List of Fragile and Conflict Affected States

  • Table 8-7: FY23 List of States in Conflict with Institutional and Social Fragility

  • Table 10-8: Sustainable Development Goals, Agenda 2030

  • Table 10-9: Millennium Development Goals (MDGs) (2015)

  • Table 11-10: IEWB Index of Security in Selected Countries

  • Table 11-11: Scale in IEWB Security Index

  • Table 11-12: Index of Economic Security (2014), Top 10, Bottom 10 Countries

Acronyms

  • AIDAB: Australian International Aid Bureau

  • BRICS: Brazil, Russia, India, China, and South Africa

  • CCED: Center for Community Economic Development

  • COVID-19: Coronavirus-19

  • DAC: Development Assistance Committee

  • DCs: Developing Countries

  • DFAIT: Department of Foreign Affairs and International Trade

  • DFID: Department of Finance and International Development

  • ECOSOC: Economic and Social Commission of the United Nations

  • ED: Economic Diplomacy

  • EMCs: Emerging Market Countries

  • ENSU: Environmental Sustainability

  • ES: Economic Security

  • ESI: Economic Security Index

  • ESCAP: Economic and Social Commission for Asia and the Pacific

  • ESP: Export Support Performance

  • EU: European Union

  • EVI: Environmental Vulnerability Index

  • FAO: Food and Agricultural Organization

  • FCS: Fragility and Conflict-Affected States

  • FDR: President Franklin Delano Roosevelt

  • FPL: Federal Poverty Level

  • GATT: General Agreement on Tariff and Trade

  • GDP: Gross Domestic Product

  • GNI: Gross National Income

  • GNP: Gross National Product

  • GWP: Gross World Product

  • HAI: Human Assets Index

  • HDI: Human Development Index

  • HDRO: Human Development Report Office

  • ICRC: International Committee of the Red Cross

  • IEWB: Index of Economic Well-Being

  • IGO: Inter-Governmental Organizations

  • ILO: International Labour Organization

  • IMF: International Monetary Fund

  • IPE: International Political Economy

  • LDCs: Least Developed Countries

  • LICUS: Low-Income Countries Under Stress

  • MDGs: Millennium Development Goals

  • NAM: Non-Aligned Movement

  • NAN: Non-Aligned Nations

  • NATO: North Atlantic Treaty Organization

  • NIDL: New International Division of Labour

  • NGOs: Non-Government Organizations

  • NOW: New World Order

  • ODA: Official Development Assistance

  • OECD: Organization for Economic Cooperation and Development

  • PPP: Purchasing Power Parity

  • PSS: People’s Security Survey

  • SARS: Severe-Acute Respiratory Syndrome

  • SDGs: Sustainable Development Goals

  • SIDS: Small Island Developing States

  • SD: Sustainable Development

  • UN: United Nations

  • UNCDP: UN Committee on Development Policy

  • UNCSD: UN Commission on Sustainable Development

  • UNCTAD: UN Commission on Trade and Development

  • UN DESA: UN Department of Economic and Social Affairs

  • UNHCR: UN Humanitarian Council for Refugees

  • UNDP: United Nations Development Programme

  • UK: United Kingdom

  • US: United States of America

  • TCDC: Technical Cooperation Among Developing Countries

  • WB: World Bank

  • WCED: World Commission on the Environment and Development

  • WFP: World Food Programme

  • WHO: World Health Organization

  • WTO: World Trade Organization

Preface: Guiding Principles and Scope

  • Purpose of the Book:

    • Serve as a reference guide for individuals with practical, professional, and academic interest in economic security and human welfare.

    • Focus on particular outlooks concerning economic security and well-being, drawing on recent thinking and current literature.

    • Address the previous scarcity of literature for understanding the multi-faceted nature and relationships of economic security (ES) with current thematic areas.

    • Provide quick reference material for understanding ES's relationships with the nation-state, households, individuals, the labour sector, institutions, economic diplomacy, etc.

    • Bring together a wide collection of overviews connecting pertinent topics associated with economic security in an accessible format.

  • Scope of Discussion:

    • Grounded in published scholarly works and varied research.

    • Focuses on the intellectual and educational influences of economic security.

    • Concerns policymakers, institutions, individuals, households, and society in general.

    • Covers the links of ES with human welfare or well-being, as advanced by the United Nations Department of Economic and Social Affairs (UNDESA) and other organizations.

    • Acknowledges that the publication may not cover every aspect related to ES but includes one of its most important dimensions in the 21st century.

Chapter 1: Introduction

Urgency of Economic Security Resources

  • Context: The world economy confronts difficult socio-economic challenges and fast-paced changes.

  • Driving Forces: Globalization and technological advances (e.g., global economic restructuring, shifts in work, business, and industry).

  • Direct Impacts: Affecting national economies and societies.

  • Complicating Factors (Recent Years):

    • COVID-19 pandemic (beginning 2020).

    • Emergence of other diseases like monkeypox (WHO declared a public health emergency by Q3 2022).

  • Pre-Pandemic Trend: Economic insecurity was a worsening problem in many countries before COVID-19 impacted the world economy in early 2020 (UN DESA, 2021; Osberg, 2021).

Economic Security as a Cornerstone of Well-being

  • Core Belief: Economic security is a cornerstone of well-being.

  • Fundamental Rights/Attributes: It is a human right, a source of innovation, and a means of social connection and building societal and institutional trust (Jimenez and Roig, 2021; UN DESA, 2021; Case, 2021; ILO, 2005).

  • Current Trends: Despite high interest in economic security, statistics show a climbing trend of high economic insecurity.

  • Causes of Economic Insecurity (Multiplicity of Factors):

    • Economic instability.

    • Social changes.

    • Weak interaction between shocks, impacts, and buffers.

    • Recent structural changes in the economy (Ranci, Beckfield, Bernardi and Parma, 2021; Stiglitz, Fitoussi, and Durand, 2020; Osberg and Sharpe, 2014).

  • Defining Economic Insecurity (UN Decade of Action Policy Brief):

    1. People's exposure to, or expectation of, adverse events.

    2. Their (in)ability to cope with and recover from the consequences of such events (Jimenez and Roig, 2021; Kopasker et al., 2018).

  • Book's Focus: Primarily on economic security, but also discusses broader aspects of economic insecurity.

  • Rationale: People seriously worry about their economic future; it is crucial to examine both economic security and insecurity.

Growing Concern for Economic Security

  • Increased Concern: Economic security is viewed with much greater concern nowadays.

  • Contributing Factors:

    • Current impacts of high inflation.

    • Past experience of recession and financial crisis (2008-2013), during which individuals' sense of well-being sharply declined in affected countries (Stiglitz, Fitoussi and Durand, 2019).

  • Erosion of Social Foundations: Since the 1990s, deregulation of labour markets and the rise of new social risks have eroded social foundations for stability, thus spreading economic insecurity (Ranci et al., 2021).

  • Governmental Inattention: Governments pay inadequate attention to economic security because it is not currently reflected in standard statistics for measuring economic and social progress (Hacker, 2018).

Why Care About Economic Security?

  • Beyond Poverty Reduction: While