Economic security

"For financial securities such as stocks and bonds, see security (finance)"

Economic security or financial security is the condition of having stable income or other resources to support a standard of living now and in the foreseeable future. It includes
* probable continued solvency
* predictability of the future cash flow of a person or other economic entity, such as a country
* employment security or job security

Financial security more often refers to individual and family money management and savings. [ [ Financial Security in Later Life ] ] [ [ GAO-08-105 Retirement Security: Women Face Challenges in Ensuring Financial Security in Retirement ] ] 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. [ [ - America's Children: Key National Indicators of Well-Being 2007 - Economic Circumstances ] ] Economic security of people over 50 years old is based on Social Security benefits, pensions and savings, earnings and employment, and health insurance coverage. [ [ Beyond 50: Summary Tables and Charts ] ]

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. [ [ About DES ] ]

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. [ [ DEED History ] ]

Economic security of countries

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. [cite book| last=Rupert |first=Mark |title=International Relations Theory |publisher=Oxford University Press |date=2007 |location=Oxford |isbn=unknown]

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." [ [ Backgrounder No. 6: Economic Security ] ]


It is widely believed that there is a tradeoff between economic security and economic opportunity.Fact|date=October 2007

Notes and references

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