{ "title": "A New Social Contract", "publication": "IMF Blog, November 30, 2018", "sourceUrl": "https://www.imf.org/en/blogs/articles/2018/11/30/a-new-social-contract", "canonical": "https://www.imf.org/en/blogs/articles/2018/11/30/a-new-social-contract", "overlayPath": "/en/blogs/articles/2018/11/30/a-new-social-contract/index.md", "summary": "Publication date: November 30, 2018.", "sections": [ { "heading": "Context and challenges", "content": "- Publication date: November 30, 2018.\n- Core diagnosis: economic insecurity is at the heart of rising populism and nationalism.\n- Contributing forces:\n - After the global financial crisis, \"voters in wealthy countries began to lose faith in the state’s ability to protect them.\"\n - \"The profound changes sweeping labor markets, caused by the rise of technology and continued globalization, have only deepened this anxiety.\"\n - In poor countries, many people \"still have not attained even basic standards of living, with many risking their lives in search of a more prosperous future.\"\n - Automation and the gig economy have blurred responsibility for worker protection and left some workers marginalized with \"no prospect for employment at all.\"\n - Population aging increases the burden of caring for the elderly while the pool of younger workers shrinks.\n - Advances in health care increase longevity, yet \"even basic care remains out of reach for many poor people.\"" }, { "heading": "Rethinking social protection", "content": "- Partnership noted: this issue of F&D highlights work in partnership with the London School of Economics and Political Science (LSE), which launched a research project \"to redefine the welfare state.\"\n- Guiding proposition (quote): \"A new social contract is essential to restoring a sense of security and sustaining political support for open economies and societies,\" writes LSE Director Nemat Shafik.\n- Political dimension: Ultimately, choices about social protection and how to pay for it \"comes down to political choice.\"" }, { "heading": "Policy options and considerations", "content": "- Possible policy responses listed:\n - Universal basic income.\n - Better targeting of existing safety nets.\n - More investment in education and health.\n - Combinations of the above tailored to each society's \"unique characteristics.\"\n- Implementation principle: \"Whether through universal basic income, better targeting of existing safety nets, more investment in education and health, or a combination of all these policies, each society will need to find an answer that works for its unique characteristics.\"" }, { "heading": "Imperative and timing", "content": "- Call to action: \"In this age of insecurity, we should act now to strengthen the bonds that unite us.\"" }, { "heading": "About the blog and institutional context", "content": "- IMFBlog description: a forum for the views of the International Monetary Fund (IMF) staff and officials on pressing economic and policy issues of the day.\n- Organizational fact: \"The IMF, based in Washington D.C., is an organization of 191 countries, working to foster global monetary cooperation and financial stability around the world.\"\n- Disclaimer: \"The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board.\"\n\nSource: A New Social Contract (IMFBlog), November 30, 2018.\n\n---\n\n\n References\n\n- https://www.imf.org/wp-content/uploads/2018/11/1024x600-fd1218r.jpg\n- profound changes sweeping labor markets\n- A new social contract\n- universal basic income\n- better targeting\n- each society will need to find an answer\n- how to pay for social protection\n- political choice\n- Finance & Development: December 2018\n\nSource: https://www.imf.org/en/blogs/articles/2018/11/30/a-new-social-contract" } ], "bullets": [ "[Markdown version](/en/blogs/articles/2018/11/30/a-new-social-contract/index.md)", "[Structured JSON version](/en/blogs/articles/2018/11/30/a-new-social-contract/index.json)", "[Bundle manifest](/en/blogs/articles/2018/11/30/a-new-social-contract/bundle-manifest.json)", "Published: November 30, 2018", "Publication date: November 30, 2018.", "Core diagnosis: economic insecurity is at the heart of rising populism and nationalism.", "Contributing forces:", "Partnership noted: this issue of F&D highlights work in partnership with the London School of Economics and Political Science (LSE), which launched a research project \"to redefine the welfare state.\"", "Guiding proposition (quote): \"A new social contract is essential to restoring a sense of security and sustaining political support for open economies and societies,\" writes LSE Director Nemat Shafik.", "Political dimension: Ultimately, choices about social protection and how to pay for it \"comes down to political choice.\"", "Possible policy responses listed:", "Implementation principle: \"Whether through universal basic income, better targeting of existing safety nets, more investment in education and health, or a combination of all these policies, each society will need to find an answer that works for its unique characteristics.\"", "Call to action: \"In this age of insecurity, we should act now to strengthen the bonds that unite us.\"", "IMFBlog description: a forum for the views of the International Monetary Fund (IMF) staff and officials on pressing economic and policy issues of the day.", "Organizational fact: \"The IMF, based in Washington D.C., is an organization of 191 countries, working to foster global monetary cooperation and financial stability around the world.\"", "Disclaimer: \"The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board.\"", "[https://www.imf.org/wp-content/uploads/2018/11/1024x600-fd1218r.jpg](https://www.imf.org/wp-content/uploads/2018/11/1024x600-fd1218r.jpg)", "[profound changes sweeping labor markets](https://www.imf.org/external/pubs/ft/fandd/2018/12/world-bank-reimagining-social-protection-rutkowski.htm)", "[A new social contract](https://www.imf.org/external/pubs/ft/fandd/2018/12/lse-a-new-social-contract-shafik.htm)", "[universal basic income](https://www.imf.org/external/pubs/ft/fandd/2018/12/what-is-universal-basic-income-basics.htm)", "[better targeting](https://www.imf.org/external/pubs/ft/fandd/2018/12/developing-economies-and-social-protection-hanna.htm)", "[each society will need to find an answer](https://www.imf.org/external/pubs/ft/fandd/2018/12/case-for-universal-social-protection-ortiz.htm)", "[how to pay for social protection](https://www.imf.org/external/pubs/ft/fandd/2018/12/taxes-and-social-protection-coady.htm)", "[political choice](https://www.imf.org/external/pubs/ft/fandd/2018/12/affordability-of-basic-social-protection-cichon.htm)", "[Finance & Development: December 2018](https://www.imf.org/external/pubs/ft/fandd/)" ], "alternates": { "markdown": 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