The Great Recession highlights deficiencies in social protection systems that should be in place to promote broad-based economic growth.
This report was published by the Center for American Progress during JustJobs Network’s incubation there.
Social protection systems are fundamental to stabilizing and rebalancing national economies as well as the global economy in the wake of the economic crises. These systems facilitate economic and social adjustments to smooth out the ups and downs of business cycles and provide a means of ensuring that the benefits of growth are widely distributed to achieve rising living standards. Widely enacted social protection systems can raise living standards in countries around the world, contribute to stimulating economic growth during downturns, and expand the global middle class to fuel and rebalance global consumption. Social protection systems help to reduce poverty, inequality, and exclusion, and thus strengthen the social contract between national governments and society, reinforcing social cohesion and global stability.
This policy brief highlights the benefits and indeed the necessity of social protection. It is a call to the international community and national governments to keep the focus on establishing adequate, effective, and efficient social protection systems for countries around the world. It makes the economic case for enacting worldwide social protection systems and then presents some specific policy recommendations to achieve this critical goal.