Economic security or financial security is the condition of having stable income or other resources to support a

standard of living Standard of living is the level of income, comforts and services available to an individual, community or society. A contributing factor to an individual's quality of life, standard of living is generally concerned with objective metrics outsid ...

now and in the foreseeable future. It includes: * probable continued solvency * predictability of the future cash flow of a

person A person (: people or persons, depending on context) is a being who has certain capacities or attributes such as reason, morality, consciousness or self-consciousness, and being a part of a culturally established form of social relations suc ...

or other economic entity, such as a country * employment security or job security Without such security, people may experience its opposite: economic insecurity and resulting economic anxiety. Financial security more often refers to individual and family money management and savings. 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 The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

, children's economic security is indicated by the

income Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. F ...

level and employment security of their families or organizations. Economic security of people over 50 years old is based on Social Security benefits, pensions and savings, earnings and employment, and

health insurance Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among ma ...

coverage.

Arizona

In 1972, the state legislature of

Arizona Arizona is a U.S. state, state in the Southwestern United States, Southwestern region of the United States, sharing the Four Corners region of the western United States with Colorado, New Mexico, and Utah. It also borders Nevada to the nort ...

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 Apprenticeship is a system for training a potential new practitioners of a trade or profession with on-the-job training and often some accompanying study. Apprenticeships may also enable practitioners to gain a license to practice in a regulat ...

Council, and the State Office of Manpower Planning. The State Department of Mental Retardation (renamed the Division of Developmental Disabilities, House Bill 2213) joined the Department in 1974 . The purpose in creating the Department was to provide an integration of direct services to people in such a way as to reduce duplication of administrative efforts, services and expenditures. Family Connections became a part of the Department in January 2007.

Minnesota

The

Minnesota Minnesota ( ) is a U.S. state, state in the Upper Midwestern region of the United States. It is bordered by the Canadian provinces of Manitoba and Ontario to the north and east and by the U.S. states of Wisconsin to the east, Iowa to the so ...

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 In economics, economic development (or economic and social development) is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and object ...

National economic security

In the context of domestic

politics Politics () is the set of activities that are associated with decision-making, making decisions in social group, groups, or other forms of power (social and political), power relations among individuals, such as the distribution of Social sta ...

and

international relations International relations (IR, and also referred to as international studies, international politics, or international affairs) is an academic discipline. In a broader sense, the study of IR, in addition to multilateral relations, concerns al ...

, national economic security is the ability of a

country A country is a distinct part of the world, such as a state, nation, or other political entity. When referring to a specific polity, the term "country" may refer to a sovereign state, state with limited recognition, constituent country, ...

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 economies of conquered nations. Today's complex system of international trade is characterized by multi-national agreements and mutual inter-dependence. Availability of natural resources and capacity for production and distribution are essential under this system, leading many experts to consider economic security to be as important a part of national security as military policy. Economic security has been proposed as a key determinant of

, particularly in the geopolitics of

petroleum Petroleum, also known as crude oil or simply oil, is a naturally occurring, yellowish-black liquid chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring un ...

in American foreign policy after

1973 oil crisis In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) announced that it was implementing a total oil embargo against countries that had supported Israel at any point during the 1973 Yom Kippur War, which began after Eg ...

and September 11, 2001. In

Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of coun ...

, 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." In January 2021, the United States Department of Homeland Security (DHS) issued Strategic Action Plan to Counter the Threat Posed by China. In October 2021 in Japan, prime minister Fumio Kishida created the first-ever ministerial post for economic security. And in April 2022, Japan's National Diet passed an economic security bill aimed at guarding technology and reinforcing critical supply chains, while also imposing tighter oversight of Japanese firms working in sensitive sectors or critical infrastructure. Measures in the legislation, which is primarily aimed at warding off risks from China, will be implemented over two years once it is enacted, according to the bill. In March 2023, Japan and Germany agreed to strengthen cooperation on economic security in the aftermath of tensions over global supply chains and the economic impact of Russian invasion of Ukraine. In the first high-ministerial government consultations held between the two countries, German Chancellor Olaf Scholz reached out to Tokyo to seek to reduce Germany's dependence on China for imports of raw materials. On April 4, 2023, a G7 Trade Ministers' Meeting via video conference was held to discuss on enhancing economic security, and a G7 Trade Ministers' Statement was issued on the day. Also in April 2023, Japan's Public Security Intelligence Agency (PSIA) launched a division dedicated to economic security. The agency also plans to set up such dedicated units in its regional bureaus nationwide to step up efforts to prevent cutting-edge technology and data from being leaked out of the country. On 20 May 2023 on occasion of the G7 Hiroshima summit, economic security was discussed for the first time as the G7 agenda, and "G7 Leaders' Statement on Economic Resilience and Economic Security" was issued based on the discussion. On 20 June 2023, the

European Commission The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informall ...

and the High Representative proposed a Joint Communication on a European Economic Security Strategy which will be discussed by EU leaders at their meeting.

Other

It is widely believed that there is a tradeoff between economic security and economic opportunity.

Notes and references