The effects of social protection on economic development
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Edward Elgar Publishing ;
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Social protection has the potential to influence economic development in several ways. In the context of developing countries, poor households face specific challenges such as missing or poorly functioning markets that limit access to land, technologies, financial services, and markets to sell their produce. Social protection is a critical strategy for increasing the economic potential of the poorest and strengthening their resilience. This chapter describes three key channels through which social protection can help: 1) through enhancement of productive capacity of the poorest by allowing households to efficiently allocate and invest additional resources in income generation activities, 2) by building human capital, and 3) by influencing economy-wide trends of income inequality and aggregate demand. It emphasizes the adoption of an integrated approach that combines social protection with other development interventions.