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The Quest for SecurityProtection Without Protectionism and the Challenge of Global Governance$
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Joseph Stiglitz and Mary Kaldor

Print publication date: 2013

Print ISBN-13: 9780231156868

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231156868.001.0001

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Social Protection Without Protectionism*

Social Protection Without Protectionism*

(p.24) 1 Social Protection Without Protectionism*
The Quest for Security

Joseph E. Stiglitz

Columbia University Press

This chapter focuses on the issue of economic insecurity. In spite of the social and economic progress of society in recent decades, people in both developed and developing countries have less economic security today than they did earlier. The world is currently immersed in a global financial crisis. The risks and uncertainties are unprecedented, and no one is sure how this crisis will evolve. In the face of uncertainty, demands for protection are inevitable. So concerned were the G-20 leaders about such demands that one of the few commitments undertaken at their first meeting in Washington in November of 2008 was a commitment to not resort to protectionism in response to the crisis. The chapter argues that a need for enhanced social protection exists and that this social protection will not only decrease the demand for protectionism but also enhance the efficiency of the economy. It describes some innovative forms that this social protection might take. It begins by explaining the theory of market failures on which the principle of social protection lies, and how globalization may have made the problem of providing social protection more difficult.

Keywords:   economic insecurity, social protection, globalization, protectionism, economic efficiency, market failures

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