ADJUSTMENT ASSISTANCE Meaning and
Definition
-
Adjustment assistance refers to a range of support measures provided to individuals or communities to aid in adapting to changes in economic circumstances, typically resulting from shifts in trade policies or industry alterations. It aims to alleviate the negative impacts of such changes, helping affected individuals or sectors transition into new opportunities and maintain their economic stability.
In the context of trade policies, adjustment assistance is commonly offered to workers who have lost their jobs due to increased competition or foreign trade. It may include services such as job placement assistance, vocational training, skills development programs, and income support during the period of transition. These initiatives are designed to assist workers in acquiring the necessary skills to find new employment or enable them to embark on alternative career paths.
Adjustment assistance may also be extended to industries or communities facing economic hardships resulting from technological advancements, changes in production methods, or shifts in consumer demand. Support measures can involve financial aid, grants, tax incentives, or technical assistance to promote innovation and the development of new market opportunities.
The ultimate goal of adjustment assistance is to mitigate the adverse effects of economic changes and buffers individuals, industries, or communities against the negative consequences of structural shifts. By providing targeted support and resources, adjustment assistance endeavors to foster resilience, promote economic recovery, and enhance the competitiveness of affected parties in the face of evolving economic circumstances.
Etymology of ADJUSTMENT ASSISTANCE
The etymology of the word "adjustment assistance" can be understood by examining the origins of its individual components:
1. Adjustment: The word "adjustment" is derived from the Latin verb "ad(j)ustare", which means "to make suitable, fit, or exact". It entered the English language in the mid-17th century, borrowed from French. The prefix "ad-" in Latin signifies "to" or "toward", while "justus" translates to "right" or "exact".
2. Assistance: The word "assistance" can be traced back to the Latin noun "assistentia", which means "support" or "attendance". It came into Old French as "assistance" in the 14th century and then into English in the late 15th century.
