Economic security, in its broadest sense, refers to people’s capacity to satisfy their basic necessities on a constant basis. It is linked to the concept of economic well-being as well as the contemporary welfare state, which is a political institution that commits to providing basic security guarantees to its residents.
National security is the safeguarding of important interests of individuals, societies, and states in many aspects of life against external and internal dangers, allowing for the country’s long-term growth.
National security, according to another definition, is a set of formally adopted views on the objectives and national strategy in the field of protecting individuals, society, and the state from external and internal threats using political, economic, social, military, technological, environmental, information, and other measures, all within the constraints of available resources and opportunities.
It may be even more pertinent now, given the decline in worker negotiating strength in post-industrial economies like the United States since the 1970s, as well as the economic uncertainty brought by COVID-19.
National Security and Economic Security
Economic security, on a national level, refers to a country’s capacity to pursue its own economic development goals, and it is frequently tied to national security. This includes broad concerns about trade balances, the effects of foreign investments on domestic markets, and public-private partnerships.
Economic security is closely linked to the notion of a welfare state, which is a political institution dedicated to ensuring basic safeguards for the well-being of its residents as a means of mitigating market risks such as old age, tragedy, or unemployment.