Public finance Research Paper Example | Topics and Well Written Essays - 2500 words

Public finance - Research Paper Example The main aim of any social security measure is to provide the confidence for individuals and families that their quality of life would not be eroded by economic or social eventuality. It includes sickness, old age, family, unemployment, maternity, invalidity benefits, and medical care. In democratic countries, implementation of welfare schemes for the vulnerable groups such as children, women, and aged people with disabilities is the political necessity of the society (â€Å"Vito Tanzi’’). People of the country need security against certain possible risks to which they are perennially exposed. The family is the oldest and the primary institution of social security. The situation leads to need for social security differs from place to place. In Europe, industrial revolution which concentrated at urban and industrial centers affected the rural folk badly by disturbing the institution of social security in the joint family system. When an individual was unable to take car e of his/her family, society comes forward to protect them while realizing the importance of social security. In United Kingdom, laws were enacted for providing minimal food and shelter in a workhouse to the poor. Along with these, additional economic and social security measures such as private savings, private insurance, life insurance, mutual aid, mutual benefit schemes, and compensation by employers’ medieval guilds were implemented both by government and private sectors (â€Å"Madhava Rao’’). Social security The need for social security support for any country is greater than ever. Governments should provide protection for their citizen against economic risks in the form of economic benefits and tax credits. These may help families with the costs of bringing up children and enable to save for retirement which provides support for them in their old age. In the way governments so far ruled Britain took many steps to redistribute income to alleviate poverty, and help people to maintain living standards. Since 1997, governments carried out major changes in both policy and administration to reform the social security and tax systems with the purpose of modernizing the welfare state. In social security, mainly two basic entitlements, viz, human rights and citizenship rights were becoming an important factor. Both these together include economic, social and cultural rights (â€Å"Julia Griggs’’). Human rights are generally universal and unconditional. They have seen as placing responsibilities towards an individual. On the other hand, citizenship rights are related to membership of a particular country. General citizenship includes the responsibilities such as paying taxes, care for children, and uphold the law. However, the terms and conditions of rights and responsibilities differ from country to country as some countries spend more on social security and their demanding conditions match with generous rights. Both human rig hts and rights of citizenship have been used as arguments for economic, social as well as cultural rights. Adding, the right to social security involves the right to gain access and maintain benefits. Public Finance Public finance generally deals with the finances of the government which includes the rising and disbursement of its funds, and is concerned with the operation of the public treasury. In recent days, the study of public finance is increasingly assuming importance as it is a matter of