Economic Security

Economic Security

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Economic Security

United States economic security shows signs of more dynamic recuperation compared to European democracies. The country has a very stable source of income, which guarantees economic security to all citizens. US offer employment safety, inevitability of the prospect cash flow of people and credible sustained solvency to all its citizens. Economic security plays a role in maintaining national security as it is a key determinant of international relations. The country offers economic security to its citizens by ensuring that the economic power to facilitate cooperation is marshaled, using the policy of diplomacy to deal with all economic threats and using the intelligence service to protect citizens. This paper will focus on showing how the economic security of US differs from that of European democracies.

Economic security of US is based on employments and earnings, health insurance coverage, savings and pensions and social security benefits of all citizens. The country guarantees some of these securities. For instance, the economic security of children is indicated by the level of income and employment safety of organizations or families (Patterson, 2013). The Department of Economic Security of United States has a mission to endorse the well-being and safety of both children and adults. The department works with other organizations such as the State Department of Public Welfare, the State Office of Economic Opportunity, Employment Security Council, the State of Manpower Planning and Division of Vocational Rehabilitation to ensure that there is democracy for all people. United States labor markets are portrayed by less unemployement opportunities compared to that of European democracies. Insurance programs for unemployed people are also more forceful compared to those in Europe (Patterson, 2013).

United States has adopted the initiative of ownership society compared to Europe, which is still straining to make the concept work in its states (Patterson, 2013).Europe on the other hand has formed a union named the European Union, which is undemocratic as it is run by bureaucrats who make decision of what happens in the economic systems. The European Union was formed (1973) to provide the economic security for all citizens but it failed in its mission. Europe faces a great challenge in the changes of exterior economic factors that leads to the breakdown of the states socio-economic structure. (Cottey & Averre, 2002). Its national income is restructured via lofty tax rates to help fund a wide economic security network compared to United States which modifies its taxation rates to fit  all class levels(from rich to middle class and the unemployed).

European democracies on other hand are less developed compared to US. The main hindrance of European economic security is neither its lack of entrepreneurship nor the nonflexible labor markets but the structural flaw of the states monetary structure of the European Union (Cottey & Averre, 2002). Unlike in US where Economic security is provided for all people, European democracies leave room for those with new opinions about quick innovations. In short it embraces autonomous stakeholders and small and Medium businesses. European economic security is still young. Its market dynamics continue to evolve as economic security is guaranteed to them. In most European states, unemployement remunerations are constrained to a narrow set of workers compared to that of US. Less than half of the unemployed people in Europe receive insurance benefits simply because they are not qualified or their benefits are exhausted (Cottey & Averre, 2002).

Economic security is a major constituent of national security. It plays a vital role in protecting citizens against an economic depression. Public structures like housing protection, unemployment insurance, food assistance, childcare and protection of an economy from deprivation and poverty are major steps towards a strong economic state. These are reasons as to why the economic security of United States is stable compared to that of European democracies. Providing employment support to the unemployed people keeps them engaged in building an economy and prevents the prospects of economic insecurities.

References:

Cottey, A., & Averre, D. (2002). New security challenges in postcommunist Europe: Securing Europe’s east. New York: Manchester University Press.

Patterson, T. (2013). The American democracy (11th ed.). New York, NY: McGraw-Hill.