Welfare Systems and Market Failures

The unequal distribution of risks across different stages of life, such as youth, mid-life, and old age.

Social risks that are inherited from one generation to the next, leading to cycles of poverty and inequality.

The unequal distribution of risks across different social classes, tied to socioeconomic status and occupational groups.

Risks that are associated with the traditional industrial economy, characterized by stable full-time employment and high economic growth.

Risks that are associated with the post-industrial economy, characterized by non-standard employment, low growth, and increased uncertainty.

A traditional form of work with stable, full-time, and often lifelong employment.

A form of work that deviates from the traditional standard employment relationship, including part-time, temporary, contract, and freelance work.

The extent to which individuals can move up or down the social ladder, based on their own achievements or inherited advantages.

A measure of income inequality within a country, calculated as the ratio of the area between the Lorenz Curve and the line of perfect equality to the area under the line of perfect equality. A Gini coefficient of 0 represents perfect equality, while a Gini coefficient of 1 represents perfect inequality.

The total market value of all final goods and services produced within a country in a given time period.

A measure of income inequality that considers the income distribution across countries, weighting each country's income inequality by its population size.

The idea that the gap between the rich and poor is widening, leading to greater global income inequality.

The period of time during which global income inequality increased significantly, due to factors like the Industrial Revolution and colonialism.

The period of time during which global inequality reached its peak, despite declining income inequality within some countries.

The period of time during which global inequality began to decline, as some developing countries experienced economic growth and reduced income inequality.

The idea that as countries develop economically, they tend to become more similar in terms of income levels and living standards over time. Poorer countries are expected to 'catch up' to wealthier ones.

A theory that explains why some countries struggle to escape poverty despite having potential for growth. It identifies four main traps that can keep a country poor: conflict, natural resources, landlocked, and bad governance.

Countries affected by civil wars or violence often find it hard to develop because the instability disrupts economic activities. Violence makes investments risky and scares away potential investors.

Countries rich in natural resources might rely too heavily on them, leading to poor economic management and corruption, which can prevent broader development. This can lead to "Dutch Disease" where the strong resource sector weakens other sectors.

Countries without access to the sea can face challenges in trade, making it harder to grow their economies. Transportation costs are higher and access to global markets is limited.

Poor leadership and corruption can hinder economic progress, as resources may not be used effectively for the benefit of the population. It weakens institutions and discourages investments.

A theory that suggests that the global economic system is structured in a way that benefits some countries at the expense of others. It argues that developed countries benefit from exploiting developing countries through trade and investment.

The idea that the unequal treatment of countries can be traced back to historical events, such as colonialism and slavery, which created disparities and lasting disadvantages.

The process of individuals selling their skills and knowledge in exchange for money, allowing them to earn a living.

Situations where markets fail to provide necessary goods or services, often resulting in people needing welfare assistance.

Organizations that provide welfare support in addition to governments, such as families, charities, and NGOs.

The role of governments in providing welfare to balance the needs of workers and employers, often developed after World War II.

Ethical and political questions that arise concerning the distribution of welfare, such as who should receive it, how much, and why.

A deep and lasting division between groups based on some kind of conflict, involving structural, cultural, and organizational elements.

Large social groups with conflicting interests, such as class, region, or religion.

Collective identities and ideological values that define a group, often leading to demonization of opposing groups.

The organized expression of collective action by movements or political parties, representing the conflict between groups.

A historical event that significantly alters the social, economic, or political landscape, often leading to new cleavages.

The division between urban and rural areas, often reflecting differences in economic activity, political views, and social values.

The division between labor and capital, reflecting the opposing interests of workers and employers.

The division between the center and periphery, reflecting differences in power, wealth, and cultural influence.

Measures of well-being that capture how well people are integrated and connected in society.

The capability to live a life of autonomy and reach your full potential.

Economic measures like GDP per capita, which reflect the average income of a population.

A system that aims to ensure everyone has access to basic needs like food, shelter, and healthcare.