ECONOMIC SECURITY STRENGTHENS TOLERANCE AND HAPPINESS AS WELL AS GROWTH AND DEVELOPMENT
The report, “Economic Security for a Better World ,” includes estimates for countries representing more than 85 percent of the world’s population, and says such economic security—coupled with democracy and government spending on social security—not only benefits growth but can also promote social stability.
The report cautions, however, that economic security remains out of reach for the vast majority of the world’s workers, about three-quarters of whom live in circumstances of economic insecurity that fosters what the report calls “a world full of anxiety and anger.”
Only 8 percent of people—fewer than one in ten—live in countries providing favourable economic security, said the survey produced by the ILO’s Socio-Economic Security Programme.
“Coming shortly after the report of the World Commission on the Social Dimension of Globalization, this book should enrich the debate on how we can build a fair globalization,” says ILO Director-General Juan Somavia. “Unless we can make our societies more equal and the global economy more inclusive, very few will achieve economic security or decent work.”
The report marks the first attempt to measure global economic security as perceived by ordinary people and was based on detailed household and workplace surveys covering over 48,000 workers and more than 10,000 workplaces worldwide. Economic security is measured on the basis of seven forms of work-related security including income, labour markets, employment, skills, work, jobs and representation.
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