How Economic Cycles Affect State Social Policy Development
Global Business & Economics Anthology, Vol. 2, No. 2, pp. 460-469, December 2011
Posted: 29 Jan 2012
Date Written: July 8, 2011
This article tests a hypothesis about the existence of a correlation between rates of economic growth and rates of public social spending in OECD countries and a range of transition economies. The paper argues that an economy does not necessarily react to fluctuations in business cycles with rises/falls in social spending in the mid term; however, significant fluctuations in the long term may occur during postsocialist transitions. Also, a long-term prognosis of state social policy development in Russia is presented based on OECD countries and developmental regularities of transition economies.
Keywords: state social policy, development regularities, public social expenditures, economic growth, post-socialistic transition economies, Russia
JEL Classification: C12, H50, I38, O57
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