Title Protecting All
Subtitle Risk Sharing for a Diverse and Diversifying World of Work (Human Development Perspective)
Author Truman Packard, Ugo Gentilini, Margaret Grosh, Philip O’Keefe, Robert Palacios, David Robalino, Indhira Santos
ISBN 9781464814273
List price USD 39.95
Price outside India Available on Request
Original price
Binding Paperback
No of pages 294
Book size 152 x 228 mm
Publishing year 2019
Original publisher The World Bank
Published in India by .
Exclusive distributors Viva Books Private Limited
Sales territory India, Sri Lanka, Bangladesh, Pakistan, Nepal, .
Status New Arrival
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“Socially inclusive growth is the talk of the town in developing countries. But to go from talk to walk these countries face a critical task: reconstructing their welfare states given the failures of the standard Bismarckian model and the challenges posed by rapid technological change. This book—known to many as the White Paper—is indispensable for tackling this task. It develops a clear conceptual framework to help policy makers understand this complex issue, set clear objectives, evaluate trade-offs, and chart a coherent path of reform. A much-needed and very welcome contribution.”

—Santiago Levy, Senior Fellow—Global Economy and Development, Brookings Economic and Social Policy in Latin America Initiative, Brookings Institution

 “Most countries have failed to support people adequately as the combination of globalization and technology changes the structure of their economies and their jobs. This has fostered a backlash in which economic insecurity is widespread and support for populist policies is on the rise. We can do much better than this by sharing risks and providing a guaranteed minimum to everyone. This important book lays out a set of policies that strikes a new balance between economic flexibility and individual security that is relevant to both advanced and developing countries.”

—Minouche Shafik, Director, London School of Economics and Political Science

 “Economic insecurity confronts working people around the world today. To overcome this insecurity through suitable risk-sharing interventions is a policy challenge of the first order. This exceptionally thoughtful and clearly written book charts a course for replacing employment-based risk-sharing policies with social insurance–based ones, financed by general revenues with the broadest possible base. The resultant Flexicurity model promises “a more robust and resilient policy response to a diverse and fluid world of work.””

—Gary Fields, Professor of International and Comparative Labor and Professor of Economics, Cornell University

 “Protecting All presents thoughtful, thorough, and bold proposals to achieve universal social protection in a modern welfare state. This lucid document identifies implementable policies for poverty prevention, coping with livelihood shocks, and managing labor market risks that range from state-guaranteed, publicly funded income floors to mandated consumption-smoothing mechanisms funded by individual contributions to privately financed incentivized and purely voluntary consumption-smoothing schemes. Clearly written, rich with ideas, and relevant for countries at all income levels, Protecting All is bound to become an essential reference for policy makers and policy analysts focused on (re)designing social protection systems that achieve key social goals in ways consistent with fast-changing labor markets, fiscal sustainability, and economic efficiency and growth.”

—Nora Lustig, Professor of Latin American Economics and Director of the Commitment to Equity Institute, Tulane University


This white paper focusses on the policy interventions made to help people manage risk, uncertainty and the losses from events whose impacts are channeled primarily through the labor market. The objectives of the white paper are: to scrutinize the relevance and effects of prevailing risk-sharing policies in low- and middle-income countries; take account of how global drivers of disruption shape and diversify how people work; in light of this diversity, propose alternative risk-sharing policies, or ways to augment and improve current policies to be more relevant and responsive to peoples’ needs; and map a reasonable transition path from the current to an alternative policy approach that substantially extends protection to a greater portion of working people and their families. This white paper is a contribution to the broader, global discussion of the changing nature of work and how policy can shape its implications for the wellbeing of people. We use the term risk-sharing policies broadly in reference to the set of institutions, regulations and interventions that societies put in place to help households manage shocks to their livelihoods. These policies include formal rules and structures that regulate market interactions (worker protections and other labor market institutions) that help people pool risks (social assistance and social insurance), to save and insure affordably and effectively (mandatory and incentivized individual savings and other financial instruments) and to recover from losses in the wake of livelihood shocks (“active” reemployment measures). Effective risk-sharing policies are foundational to building equity, resilience and opportunity, the strategic objectives of the World Bank’s Social Protection and Jobs Global Practice. Given failures of factor markets and the market for risk in particular the rationale for policy intervention to augment the options that people have to manage shocks to their livelihoods is well-understood and accepted. By helping to prevent vulnerable people from falling into poverty -and people in the poorest households from falling deeper into poverty-effective risk-sharing interventions dramatically reduce poverty. Households and communities with access to effective risk-sharing instruments can better maintain and continue to invest in these vital assets, first and foremost, their human capital, and in doing so can reduce the likelihood that poverty and vulnerability will be transmitted from one generation to the next. Risk-sharing policies foster enterprise and development by ensuring that people can take appropriate risks required to grasp opportunities and secure their stake in a growing economy.




About the Authors


Overview • Statement of Objectives and Scope • The Need for a More Effective and Relevant Risk-Sharing Model • The Policy Package for Poverty Prevention and Livelihood Shocks • Helping People Manage Labor Market Risks and Uncertainty • Financing and Implementation Challenges: An Aspiration within Reach • Note • References

Chapter 1: Prevailing Risk-Sharing Policies and Drivers of Disruption in the World of Work • The Enduring Legacy of Employment-Based Risk-Sharing Institutions • Historical and Institutional Foundations of Prevailing Risk-Sharing Policies • Global Drivers of Disruption and Their Impact on the World of Work • Notes • References

Chapter 2: The Conceptual Underpinnings of Risk-Sharing Policy and the Changing Nature of Losses • Insurance Choices in the Face of Shocks • Poverty in a Risk Framework • Policies Should Augment What People Do for Themselves • Options for Managing Aggregate Shocks and Losses from a Policy Maker’s Perspective • Drivers of Disruption and the Changing Nature of Shocks • Conceptual Insights and Immediate Policy Implications • Notes • References

Chapter 3: From an Employment-Based to a Comprehensive Model of Risk Sharing • The Core of Insurance Assistance: Guaranteed Minimum Poverty Prevention • Coverage against Catastrophic Losses and Further Mandated Arrangements • Nudged and Purely Voluntary Insurance • Simulations to Inform a Prudent Debate of Policy Options • Key Principles for Designing the Core Minimum of Guaranteed Protections • Notes • References

Chapter 4: Labor Policy for a Diverse and Diversifying World of Work • Fundamentals: Remove Policy Biases That Put Labor Market Regulation in Low- and Middle-Income Countries: Off the Plateau? • Flexibility and Greater Neutrality with Respect to Where and How People Work • Augmented and Assertive Employment Assistance • Targeted Measures to “Crowd In” Private Investment for Jobs and Productivity • Crafting Labor Policy in a Risk-Sharing Framework • Notes • References

Chapter 5: Charting the Course for a Challenging Transition • How Can Countries Finance the New Protections Proposed? • How Can the New Package of Protection Be Implemented? • How Ready Are Countries to Shift to a New Risk-Sharing Model? • Notes • References

Chapter 6: Conclusions and Final Considerations • Risk-Sharing Policy for a Diverse and Diversifying World of Work • Progressive Universality: Further Lessons from Health Policy • Labor Market Policies for the Human Capitalist • Notes • References

Appendix A: Conceptual Framework: Individual Choice in the Face of Risk and Uncertainty

Appendix B: Key Parameters of a Negative Income Tax and a Universal Basic Income

Appendix C: Policy Reform Simulations

About the Authors:

Truman G. Packard joined the World Bank staff in 1997 and is currently a Lead Economist in its Social Protection and Jobs Global Practice, working on labor market policy in Argentina, Brazil, and Chile. His prior assignment was providing social protection and jobs policy assistance to Indonesia, Malaysia, and Vietnam, and leading the World Bank team that delivered the regional report East Asia Pacific at Work: Employment, Enterprise and Well-Being in 2014. He also served on the teams that produced Golden Growth: Restoring the Lustre of the European Economic Model, published in 2012, and the World Development Report 2009: Reshaping Economic Geography. Truman led the World Bank’s Human Development program in the Pacific Islands, Papua New Guinea, and Timor-Leste and has been part of teams delivering financial and knowledge-transfer services to various governments in Europe and Central Asia, East Asia and Pacific, and Latin America and the Caribbean. Trained as a labor economist, Truman’s work has focused primarily on the impact of social insurance—including pensions, unemployment insurance, and health coverage—on household labor supply decisions, employment outcomes, saving behavior, and risk management. Truman holds a Ph.D. in economics from the University of Oxford.

Ugo Gentilini serves as the Global Lead for Social Assistance in the World Bank’s Social Protection and Jobs Global Practice. He has conducted analytical and operational work on social assistance in the context of jobs and labor market activation, fragility and displacement, resilience and crises, and food security and nutrition, as well as urbanization and mobility. He has authored or coauthored dozens of publications, including flagship reports, operational tools, and articles in peer-reviewed journals as well as the blogosphere. His latest coedited book, forthcoming in 2019, will examine universal basic income. Before joining the World Bank staff in 2013, he was with the United Nations World Food Programme, where he worked on safety nets. A Swedish-Italian national with a Ph.D. in development economics, he hosts a weekly newsletter on social protection.

Margaret Grosh is the Senior Advisor for the World Bank’s Social Protection and Jobs Global Practice. She has written, lectured, and advised extensively on social protection programs, especially on targeting and cash transfer programs, globally and for Latin America. She has extensive experience with social protection both for responding to a crisis and for improving equality of opportunity. Earlier in her career, she served as Lead Economist in the World Bank’s Latin American and Caribbean Region Human Development Department and led the Social Assistance team in the World Bank’s Global Social Protection Department, and before that, the Living Standard Measurement Study in its Research Department. She holds a Ph.D. in economics from Cornell University.

Philip O’Keefe is the Practice Manager in the World Bank’s Social Protection and Jobs Global Practice for East Asia and Pacific, based in Sydney. Previously, he was Lead Economist for Social Protection and Labor in East Asia and Pacific, and Lead Economist for the Human Development Sector for the East Asia and Pacific region. He has worked in the World Bank’s East Asia and Pacific, South Asia, and Europe and Central Asia regions on social protection and labor issues, including field positions in China, Hungary, and India. He is the lead author of the Bank’s East Asia and Pacific flagship report on aging and has published regularly on social security and labor market issues in East and South Asia and transition economies. Prior to joining the World Bank staff, he was a lecturer at the University of Warwick. He holds undergraduate degrees in history and literature and in international law from the University of Sydney and postgraduate degrees in development economics and law from the London School of Economics and Political Science and the University of Oxford.

Robert Palacios is a Lead Specialist in the World Bank’s Social Protection and Jobs Global Practice. His most recent previous assignment was as the Global Lead for the Pensions and Social Insurance Global Solutions Group. Between 1992 and 1994, he was a member of the Research Department team that produced the World Bank’s influential volume on international pension systems, Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth. Since 1995, he has worked in more than 30 countries in eastern Europe, East and South Asia, Latin America, and Africa. His publications include articles and books on old-age poverty, health insurance, and a wide range of pension policy issues. Between 2007 and 2010, he was based in India, where he provided support to the effort to roll out the biometric identification system known as Aadhaar. Upon his return to Washington, DC, he played a key role in establishing the World Bank’s Identification for Development (ID4D) initiative, developing the ID4D diagnostic tool, which has been applied in 25 countries. He continues to advise multiple country teams across the world.

David Robalino is a Senior Advisor for McKinsey and Professor of Public Finance at the American University of Beirut. Until recently he was the Manager and Lead Economist of the World Bank’s Jobs Group and Codirector of the Labor and Development Program at the Institute of Labor Economics (IZA). David’s policy work and research focuses on issues related to jobs, social insurance, and fiscal policies. He has worked in more than 60 countries around the world providing advice to governments and international organizations. David completed his graduate studies at the University of the Sorbonne and the RAND Graduate School.

Indhira Santos is the the Global Lead for Labor and Skills in the World Bank’s Social Protection and Jobs Global Practice. She was a primary author of the World Development Report 2019: The Changing Nature of Work and the World Development Report 2016: Digital Dividends. She has worked on the Africa, Europe and Central Asia, and South Asia regions at the World Bank since joining as a Young Professional in 2009. Prior to joining the World Bank staff, she was a research fellow at Bruegel, a European policy think tank in Brussels, between 2007 and 2009. She has also worked for the Economic Research Center of the Pontificia Universidad Católica Madre y Maestra in the Dominican Republic and the Dominican Republic Ministry of Finance. She was a Fulbright Scholar at Harvard University, where she obtained her Ph.D. in public policy and a Master of Public Administration in international development.

Target Audience:

This book is an essential reference for policy makers and policy analysts focused on (re)designing social protection systems that achieve key social goals in ways consistent with fast-changing labor markets, fiscal sustainability, and economic efficiency and growth.

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