ECONOMIC SECURITY

Economic Security

Economic Security

Introduction

The special nature of security threats justifies the use of extraordinary measures to handle them.” According to Grizold (1999: 2-3) and Buzan (1991) the modern concept of security can be divided in four sublevels: individual security, national security, international security and global security. Deriving from this comprehension it is possible to see that one cannot achieve a uniform/holistic definition of security. Every definition of security depends on your predispositions, basic values and points of view. Understanding this one can conclude that if there are no unanimously accepted definition of security the possibility for having a uniform definition of economic security is even smaller or unrealistic (Atkinson, 1995, 68).

Economic Security Defined by Barry Buzan

In order to understand what economic security is; there must be prior define what security is. According to Bellany (in Buzan, 1991: 16) security is “a relative freedom from war, coupled with a relatively high expectations that defeat will not be a consequence of any war that should occur.” According to Mroz (in Buzan, 1991: 17) security is “the relative freedom from harmful threats”. Buzan (1991a: 432) defines security as “the pursuit of freedom from threat and the ability of states and societies to maintain their independent identity and their functional integrity against forces of change which they see as hostile. The bottom line of security is survival Buzan et al. (1998: 21) state out that, “Security is about survival. It is when an issue is presented as posing an existential threat to a designated referent object (traditionally, but not necessarily, the state, incorporating government, territory and society).

Discussion and Analysis

UK's Definition of Economic Security

The state of the economy, which ensured a sufficiently high and sustained economic growth, effective satisfaction of economic needs, government control over the movement and use of national resources, protection of economic interests at the national and international levels. It is part of national security, its foundations and material basis. The object of economic security serves as an economic system, taken as a whole and its constituent elements: natural resources, production and non-funds, real estate, financial resources, human resources, economic structures, family, personality.

Indicators of economic security - is the most important parameters that give a general idea about the state of the economic system as a whole, its stability and mobility: GDP growth, the level and quality of life for the majority of the population, inflation, unemployment, economic structure, wealth stratification of the population, the criminalization of the economy, state of the technical base of the economy, spending on research and development, competitiveness, import dependence, open economy, domestic and external debt of the state. Measure of economic security - a set of methods, conscious actions aimed at preventing internal and external security threats.

Economic Security in Support for Security/Foreign Policy

The UK's first ever economic security strategy was published in March 2008 and was followed by a comprehensive update in June 2009. In the two years since the Strategy's publication, we have faced the challenges of a global banking crisis, the continued threat of international ...