Economics & Sociology

ISSN: 2071-789X eISSN: 2306-3459 DOI: 10.14254/2071-789X
Index PUBMS: f5512f57-a601-11e7-8f0e-080027f4daa0
Article information
Title: Approach to Reduction of Socioeconomic Inequality: Decrease of Vulnerability and Strengthening Resilience
Issue: Vol. 9, No 4, 2016
Published date: 12-2016 (print) / 12-2016 (online)
Journal: Economics & Sociology
ISSN: 2071-789X, eISSN: 2306-3459
Authors: Ona Grazina Rakauskiene
Herbert Strunz
Keywords: socioeconomic inequality, vulnerability, structural, vulnerability, cycle vulnerability, vulnerable social groups, resilience, hardiness
DOI: 10.14254/2071-789X.2016/9-4/15
Index PUBMS: b380d581-020a-11e8-94c4-fa163e5d4f72
Language: English
Pages: 243-258 (16)
JEL classification: D63

The paper analyses the issue of socioeconomic vulnerability by applying the concept of strengthening resilience of an individual, society and country to socioeconomic inequality reduction. Traditionally, the concept of vulnerability describes the exposure to risk and risk management including insurance against shocks and threats. However, this paper presents a new approach in which the issue of socioeconomic inequality is addressed not by applying traditional social policy measures, but by strengthening individual and societal resilience: by shaping an educated society characterised by high level of culture and morality and based on solidarity; reducing social tensions; fostering a happy individual who perceives the meaning and fullness of life and is involved in the creation of socioeconomic life. The purpose of the paper is to justify the development of inclusive society and reduction of socioeconomic inequality through examination of socioeconomic vulnerability factors and strengthening of individual and societal resilience. This paper presents the key results of a subjective study which we carried out in January – February 2016.