Economic security is really crucial when inspecting the wider security nexus. It is clear that the safety of individual states proves to be a very important theme in world politics, especially where the economy is concerned. To be precise with definition, economic security is broadly; access to resources, finance and world markets, maintenance of state welfare and power. The contemporary importance of economic security stems from the broadening of security conceptualisation since the end of the Cold War; this indicates the significant shift from geo-politics to economic defined interactions. Furthermore, it is a demonstration of the transfer from military superpowers to fast-growing economies such as China; also there is a clear indication in this modern era that the competition and conversation is changing from the ideological to economic debates.
Many globalisation specialists argue that economic globalisation, reflecting an increasingly interdependent global economy, not only undermines a state’s capacity to pursue independent macroeconomic and development strategies but also exacerbates existing inequalities between and within countries.
There is a controversy regarding economic inequality, the capitalist economic system will inevitably produce greater inequalities and more shocking forms of exploitation. Others argue that global inequality is declining and will continue to decline as economic globalisation progresses. One of the key impacts of economic development in this era of globalisation is the reality women face in the modern workforce. Just a couple of days ago it was revealed that a head teacher at a school in Regents Park stated to her pupils that there is still a glass ceiling for women and they must choose between a career and motherhood. Now, many would consider whether the head teacher was right in saying that. The fact is, it does come down to choice but what we must applaud is the fact that issues surrounding gender are now widely and increasingly discussed. There is increasing participation of women in the global workforce, there are more women in top jobs in the FTSE 100 companies. The feminisation of labour has also seen positives changes to work structures and culture.
Economic security is evidently high on the political agenda, we have recently witnessed more cuts to public sector jobs, junior doctors are being pressured to work a 7-day week, tax credit cuts linger, cuts to police, civil servants and cuts to university budgets, leading to continued unrest. David Cameron and George Osborne are the leaders of the Tory economic policy machine and its principle supporters. Both men are engaged in efforts to continue attempts to sell austerity to the country, on the basis that it will stabilise the economy and sure up the recovery. Cutting tax credits is still extremely high on Chancellor Osbourne’s agenda. However, the leader of the Opposition party insists that Tory economic policies are too far too fast, and make the case for slower cuts and greater economic stimulus. Policy and protest groups make a strong case that financial austerity is in essence completely unnecessary and they continue to protest activity against banking and big business encroachment in politics.
Our economists, politicians and social commentators furiously contradict one another with regard to economic security. The general public are almost caught in the middle, disaffected by declining standards of living and convoluted economics which seem to have precious little social benefit. The knock on effects on economic policy encapsulates budget cuts, public sector job cuts, the UK’s operating budget deficit, university tuition fee increases, NHS and welfare reforms and most recently tax credit cuts. The austerity debate needs to remain an economic and moral debate not an ideological debate, this is important in order to prevent the Tory government from distracting the public from the real consequences of tax credit cuts. The House of Lords intervention has forced Osborne to go back to the drawing table and rethink the cuts rather than trying to sneak them into bills. The fact is that many developed countries live in a supportive society which promotes welfare and good education. What is also fact is that Britain is known for its excellent NHS yet the government is endangering the system and punishing the working people.