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Society gets what it pays for and the cost of reducing social risk is regulation, leading to higher taxes and higher prices. Discuss - Essay Example

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The developed world is well-known for its social risk management systems. Regulation has become the primary means of regulating and minimizing the existing social risks. Social protection, generally defined as…
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Society gets what it pays for and the cost of reducing social risk is regulation, leading to higher taxes and higher prices. Discuss
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Download file to see previous pages Really, it is with the help of tax payments that social protection through the redistribution of social resources becomes possible. However, those who complain that social protection through regulation raises taxes and increases prices should remember that nobody is secured from various social risks, and it is through effective redistribution of social resources that individuals can insure themselves from the existing and future social risks.
Social protection encompasses a series of public measures intended to reduce social risks and enhance income security of individuals (Holzmann & Jorgensen, 2000). Social protection measures rely on the payments provided by taxpayers to state budget; in other words, it is through the reallocation of limited social resources that social protection through regulation becomes possible. It is no wonder that not all taxpayers agree with the way social protection measures are provided to the vulnerable populations. However, all taxpayers should remember that they are not secured from the existing and emerging social risks (Holzmann & Jorgensen, 2000). Recent financial crises have shown that when social protection programs are not in place, individuals become extremely susceptible to the consequences of reduced GDP (Holzmann & Jorgensen, 2000). To a large extent, the presence of extensive social protection systems is both necessary and inevitable for any state or society that considers itself developed.
Not all the people realize the principle of society-state relations. It is possible to say that society gets what it pays for, and the cost of reducing social risks is regulation, leading to higher taxes and increased prices. The latter are inevitable components of the social protection systems in the developed world. It is a reflection of the ongoing tension between the need for social protection and the overall non-affordability ...Download file to see next pagesRead More
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