The complexity of the contemporary economy means that policies for economic security are among the most significant decisions a state can make. Indeed, the largest and longest-lasting policy to emerge from the New Deal legislation during the Great Depression is dubbed Social Security, a state-managed old-age pension.
Lightly-regulated capitalism leads to boom-bust cycles. And these cycles threaten the livelihood and survival of the poor in times of crisis, such as the Great Depression of the 1930s and Great Recession in the past decade. States have therefore made larger and larger policy interventions to provide a welfare “safety net” for the […]
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