welfare
Definition
Welfare in the context of International Political Economy (IPE) is a concept that refers to the health, safety, happiness, and financial security of a population as influenced by global economic policies and systems. It encompasses efforts and programs designed to ensure that citizens have access to basic needs such as healthcare, education, and income support.
Analogy
Imagine the global economy as a vast ocean where every country navigates its ship. Welfare is like the lifeboat and safety gear each ship has onboard; no matter how rough the seas get due to economic storms or calm waters brought on by prosperity, these tools ensure that all passengers have the means to stay safe, healthy, and secure on their journey.
Related terms
Globalization: The process by which businesses or other organizations develop international influence or start operating on an international scale, affecting welfare through increased economic integration.
Social Safety Net: A collection of services provided by the state or other institutions such as welfare, unemployment benefits, and healthcare that prevent individuals or communities from falling into poverty in times of crisis.
Economic Development: The process by which a nation improves the economic, political, and social well-being of its people, directly impacting welfare through improvements in living standards and access to resources
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