Wellbeing, Quality of Life and Social Policy: Implications in Relation to the Financial Tsunami

Abstract

The last major international financial tsunami, starting in 1929, led to a decade of world-wide economic depression, mass unemployment and political instability culminating in a world war. One of the major factors that could lead to international political instability in the present crisis is the threat of economic protectionism by the major trading countries. Already the American government is introducing ”buy American” clauses in its policies which is causing concern to the People's Republic of China. Central to the threat of international instability is national stability, political, economic and social. And our wellbeing and quality of life are major determinants of national stability. Mass homelessness, unemployment, poverty and a sense of hopelessness were endemic in the 1930s. It is social policy which can address these quality of life issues. This paper deals with the implications for the relationship between quality of life, wellbeing, and social policy of the contemporary tumultuous financial catastrophes. The first part of the paper defines quality of life and social policy and explores the relationship between them, utilising Titmuss's construct of the social division of welfare. This is followed by a brief exploration of the extent and consequences of the financial tsunami for quality of life. The paper finishes with an analysis of the implications of the financial crisis for social policy and for quality of life. The conclusions are rather bleak in material terms but it is also argued that the contemporary financial crisis provides an opportunity for us-both as individuals and as nations-to reconsider the balance between material and non-material aspects of wellbeing and quality of life.