Editing Economic security

{{Short description|Socioeconomic and personal finance concept}}
{{For|financial securities such as [[common stock|stocks]] and [[bond (finance)|bonds]]|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|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.<ref>[http://www.csrees.usda.gov/nea/economics/fsll/fsll.html Financial Security in Later Life<!-- Bot generated title -->] {{webarchive|url=https://web.archive.org/web/20111017033815/http://www.csrees.usda.gov/nea/economics/fsll/fsll.html |date=2011-10-17 }}</ref><ref>[http://www.gao.gov/new.items/d08105.pdf GAO-08-105 Retirement Security: Women Face Challenges in Ensuring Financial Security in Retirement<!-- Bot generated title -->]</ref> 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 [[job security|employment security]] of their families or organizations.<ref>{{Cite web |url=http://www.childstats.gov/americaschildren/eco.asp |title=Childstats.gov - America's Children: Key National Indicators of Well-Being 2007 - Economic Circumstances<!-- Bot generated title --> |access-date=2012-07-02 |archive-date=2017-08-24 |archive-url=https://web.archive.org/web/20170824032830/https://www.childstats.gov/americaschildren/eco.asp |url-status=dead }}</ref> Economic security of people over 50 years old is based on [[Social Security (United States)|Social Security benefits]], [[pension]]s and savings, earnings and employment, and [[health insurance]] coverage.<ref>{{Cite web |url=http://www.aarp.org/research/reference/statistics/Articles/aresearch-import-298.html |title=Beyond 50: Summary Tables and Charts<!-- Bot generated title --> |access-date=2007-10-24 |archive-url=https://web.archive.org/web/20081011183244/http://www.aarp.org/research/reference/statistics/Articles/aresearch-import-298.html |archive-date=2008-10-11 |url-status=dead }}</ref>

=== Arizona ===
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, and the State Office of Manpower Planning. The State Department of [[Intellectual disability|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.<ref>{{Cite web |url=https://egov.azdes.gov/cmsinternet/main.aspx?id=114 |title=About DES<!-- Bot generated title --> |access-date=2007-10-24 |archive-date=2008-07-16 |archive-url=https://web.archive.org/web/20080716180350/https://egov.azdes.gov/cmsinternet/main.aspx?id=114 |url-status=dead }}</ref>

=== Minnesota ===
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 [[poverty reduction|anti-poverty program]]s.  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]].<ref>[http://www.deed.state.mn.us/agency/history.htm DEED History<!-- Bot generated title -->]</ref>

== National economic security ==
In the context of [[Domestic politics|domestic]] [[politics]] and [[international relations]], '''national economic security''' is the ability of a [[nation-state|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 [[international relations]], particularly in the [[geopolitics]] of [[petroleum]] in [[United States|American]] foreign policy after [[1973 oil crisis]] and [[September 11, 2001 attacks|September 11, 2001]].<ref>{{cite book| last=Rupert |first=Mark |title=International Relations Theory |publisher=[[Oxford University Press]] |year=2007 |location=Oxford |isbn=<!--unknown-->}}</ref>

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."<ref>[http://www.csis.gc.ca/nwsrm/bckgrndrs/bckgrndr06-eng.asp Backgrounder No. 6: Economic Security<!-- Bot generated title -->] {{webarchive|url=https://web.archive.org/web/20111005092218/http://www.csis.gc.ca/nwsrm/bckgrndrs/bckgrndr06-eng.asp |date=October 5, 2011 }} </ref>

In January 2021, the [[United States Department of Homeland Security]] (DHS) issued Strategic Action Plan to Counter the Threat Posed by China.<ref>{{cite web|date=January 12, 2021 |title=DHS Strategic Action Plan to Counter the Threat Posed by the People's Republic of China |url=https://www.dhs.gov/publication/dhs-strategic-action-plan-counter-threat-posed-people-s-republic-china |website=[[United States Department of Homeland Security|DHS, U.S.]] |access-date=May 12, 2022 }}</ref>

In October 2021 in Japan, prime minister [[Fumio Kishida]] created [[First Kishida Cabinet|the first-ever ministerial post]] for economic security.<ref>
{{cite web|date=October 27, 2021 |author=Matthew P. Goodman |title=Economic Security: A Shared U.S.-Japan Priority |url=https://www.csis.org/analysis/economic-security-shared-us-japan-priority |website=[[Center for Strategic and International Studies|CSIS]] |access-date=May 12, 2022 }}</ref>
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 [[Chinese intelligence activity abroad|risks from China]], will be implemented over two years once it is enacted, according to the bill.<ref>{{cite news|date=May 11, 2022 |title=Japan passes economic security bill to guard sensitive technology |url=https://www.reuters.com/world/asia-pacific/japan-passes-economic-security-bill-guard-sensitive-technology-2022-05-11/ |work=[[Reuters]] |access-date=May 12, 2022 }}</ref>

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.<ref>{{cite news|date=March 18, 2023 
|title=Germany, Japan pledge to boost cooperation on economic security |url=https://www.politico.eu/article/germany-japan-economic-security-olaf-scholz/ 
|work=[[Politico]] |access-date=March 19, 2023 }}</ref>

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.<ref>{{cite web |date=4 April 2023 |title=G7 Trade Ministers' Statement |url=https://www.meti.go.jp/english/press/2023/pdf/0404_001a.pdf |website=[[Ministry of Economy, Trade and Industry|METI, Japan]] |access-date=4 April 2023}}</ref>
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.<ref>{{cite web|date=9 April 2023 |author=[[Jiji Press]] |title=Japan launches new intel division for economic security |url=https://www.japantimes.co.jp/news/2023/04/09/national/economic-security-agency/ |website=[[The Japan Times]] |url-access=subscription |access-date=11 April 2023}}</ref>
On 20 May 2023 on occasion of the [[49th G7 summit|G7 Hiroshima summit]], economic security was discussed for the first time as the G7 agenda,<ref>{{cite web|url=https://www.mofa.go.jp/ecm/ec/page1e_000686.html |date=20 May 2023 |title=G7 Hiroshima Summit (Session 5 Economic Resilience and Economic Security) |website=[[Ministry of Foreign Affairs (Japan)|Ministry of Foreign Affairs, Japan]] |access-date=20 May 2023 }}</ref> and "G7 Leaders' Statement on Economic Resilience and Economic Security" was issued based on the discussion.<ref name="G7-ER&ES">{{cite web|url=https://www.mofa.go.jp/files/100506849.pdf |date=20 May 2023 |title=G7 Leaders' Statement on Economic Resilience and Economic Security |website=[[Ministry of Foreign Affairs (Japan)|Ministry of Foreign Affairs, Japan]] |access-date=20 May 2023 }}</ref>

On 20 June 2023, the [[European Commission]] and the High Representative proposed a Joint Communication on a European Economic Security Strategy which will be discussed by EU leaders at their meeting.<ref name="EC_2023-06-20">{{cite web|url=https://ec.europa.eu/commission/presscorner/detail/en/ip_23_3358 |date=20 June 2023 |title=An EU approach to enhance economic security |website=[[European Commission]] |access-date=20 June 2023 }}</ref>

==Other==
It is widely believed that there is a [[tradeoff]] between economic security and [[economic opportunity]].<ref>{{cite book |last1=Mankiw |title=Principles of Economics |url=https://archive.org/details/principleseconom00mank_831 |url-access=limited |date=2012 |publisher=South-Western Cengage Learning |page=[https://archive.org/details/principleseconom00mank_831/page/n580 547] |edition=6}}</ref>

== See also ==
'''Individual economic security'''
* [[Basic needs]]
* [[Citizen's dividend]]
* [[Financial intelligence]]
* [[Guaranteed minimum income]]
* [[Living wage]]
* [[Precariat]]
* [[Social credit]]
* [[Social dividend]]
* [[Social safety net]]
* [[Universal basic income]]

'''National economic security'''
* [[Digital supply chain security]]
* [[Dual-use technology]]
* [[Economic warfare]]
* [[2020–2023 global chip shortage]]

==Notes and references==
{{Reflist}}

{{Universal basic income}}
{{Authority control}}

{{DEFAULTSORT:Economic Security}}
[[Category:Personal finance]]