The Fifth Freedom: Guaranteeing an Opportunity-Rich Childhood for All

by David Erickson

Overview

It is within our power to provide an opportunity-rich childhood for all

In 1941 President Franklin Roosevelt delivered his famous Four Freedoms speech. In that speech Roosevelt proposed that all Americans should be granted the freedom of speech, freedom of worship, freedom from want, and freedom from fear. In his new book, The Fifth Freedom, senior vice president at the Federal Reserve Bank of New York David Erickson makes the case for the freedom to an open future.

The status quo in the United States is unfair and expensive. We spend too much on downstream consequences of people living in poverty rather than spending money on the upstream conditions that would guarantee an opportunity-rich childhood for all. A strong foundation in childhood is the best predictor of a healthy and productive adulthood. A commitment to the fifth freedom would save trillions on avoided chronic disease, incarceration, educational failures, and lost productivity.

The Fifth Freedom calls for place-based institutions that support growth and development—good schools, well-funded libraries, safe streets and public spaces, quality health care, spiritual homes, and well-functioning transportation that puts other essential amenities in reach, especially jobs—that work in concert with individual interventions—tutoring, counseling, and coaching. Not providing children with the resources they need is more expensive than reacting the negative consequences of not having them.

Product Details

ISBN-13:	9780815739630
Publisher:	Rowman & Littlefield Publishers, Inc.
Publication date:	02/27/2023
Pages:	188
Sales rank:	572,045
Product dimensions:	6.19(w) x 8.73(h) x 0.59(d)

About the Author

David Erickson is senior vice president at the Federal Reserve Bank of New York. He has convened thousands of experts to be speakers at conferences and authors in a series of books on how community development finance can work with other social investors to create more opportunities in low-income communities. Key to this strategy is to create new alliances with sectors that previously did not work with anti-poverty activists: health, climate adaptation, household financial wellbeing, art and artists, faith communities, and others. Throughout, he has focused on how quasi-markets can be tools to create better social outcomes—the subject of his first book, Housing Policy Revolution: Networks and Neighborhoods. Erickson has a PhD in history from the University of California, Berkeley and a BA from Dartmouth College.

Table of Contents

Preface

Introduction: Better Policies and Improved Neighborhoods Can Secure the Fifth Freedom—an Opportunity-Rich Childhood for All

1 Evolution of the Welfare State: 150 Years of Efforts to Assist Low-Income Communities and Individuals

2 Guardrails and Airbags: Better Strategies to Improve Neighborhoods and Support Families Are the Basis for a Smarter Social Safety Net

3 Financing Guardrails and Airbags: Creating a Market That Values Health

4 Hawaii Case Study: How an Island State Can Point the Way

5 Conclusion and Next Steps

Notes

Index

Editorial Reviews

David Erickson’s new book is a must-read for anyone interested in health and social welfare. He takes square aim at the ‘know-do’ gap that has plagued efforts to improve our social safety net. Drawing upon his decades of experience, the book offers a lucid diagnosis of the problem as well as practical solutions that would advance health and social equity for millions of people.

Dave A. Chokshi

David Erickson is not the first author to question why, in a nation as wealthy as ours, so many have so little. But The Fifth Freedom’s unique marriage of insights from history, health policy, and community development finance show in bold and concrete terms how we can guarantee the right to an “open future” for all children. Through case studies, compelling metaphors, and clear language, Erickson sows the seeds for a revolution in how America constructs its social safety net.

Alan Berube

With empathy, precision, and deeply informed historical analysis, David Erickson issues a clarion call for America to fundamentally rethink how it serves its citizens and enables the next generation to flourish. The Fifth Freedom shows that it is possible—and necessary—to think big, to spend well, and restore hope and economic security to all people and places. An essential read for policymakers and citizens alike.

Margaret O'Mara

David Erickson’s provocative new book leads off with a bold premise: what if, as a society, we decided to truly invest in children’s health and well-being, ensuring that no child grows up in poverty? Drawing on a rich mix of history, social theory, evidence-based research, and promising strategies from the field, this book builds a compelling case that this premise is achievable if we’re willing to re-think our existing approaches to health and social policy.

Carolina Reid

Passion is not a characteristic normally associated with the Federal Reserve but Erickson, a senior vice president at the Federal Reserve Bank of New York, displays a fair share of it in this important albeit somewhat wonky book. Frustrated by the prevailing focus on the downstream consequences of poverty, such as drug treatment or job training programs, he argues that Americans should shift significant resources to the upstream causes of deprivation. As he argues, the US must pay more attention earlier on to what he dubs “guardrails” (good schools, affordable housing, fresh food) that set children on the right path and “airbags” (mentors; enrichment programs; access to sports, nature, and the arts) that can intervene to rescue those who are skidding off the track. Erickson knows that such a shift in emphasis will meet resistance, but he insists that creating a “market that favors health” will ultimately prove more beneficial to all, and he offers numerous examples of organizations and funders already moving in this direction. The Fifth Freedom is hardly bedside reading. More policy paper than stirring narrative—it nonetheless deserves readers' wakeful attention. Recommended. Graduate students, faculty, and professionals

Choice Reviews

Whether serving as a family physician for patients experiencing homelessness, as Chicago’s public health commissioner deploying policies to improve health, or as Kaiser Permanente’s Chief Health Officer implementing upstream interventions to optimize conditions for health, I know just how important reliable and sustainable investments are to the health of our communities. In The Fifth Freedom, Erickson deftly connects the dots between how strategic investment decisions – whether from private industry, the nation’s health care system, or from all levels of government—can create the conditions for health and equity we all need to truly thrive.

Bechara Choucir

David Erickson is not the first author to question why, in a nation as wealthy as ours, so many have so little. But The Fifth Freedom's unique marriage of insights from history, health policy, and community development finance show in bold and concrete terms how we can guarantee the right to an "open future" for all children. Through case studies, compelling metaphors, and clear language, Erickson sows the seeds for a revolution in how America constructs its social safety net.

David Erickson's new book is a must-read for anyone interested in health and social welfare. He takes square aim at the 'know-do' gap that has plagued efforts to improve our social safety net. Drawing upon his decades of experience, the book offers a lucid diagnosis of the problem as well as practical solutions that would advance health and social equity for millions of people.

David Erickson's provocative new book leads off with a bold premise: what if, as a society, we decided to truly invest in children's health and well-being, ensuring that no child grows up in poverty? Drawing on a rich mix of history, social theory, evidence-based research, and promising strategies from the field, this book builds a compelling case that this premise is achievable if we're willing to re-think our existing approaches to health and social policy.

Whether serving as a family physician for patients experiencing homelessness, as Chicago's public health commissioner deploying policies to improve health, or as Kaiser Permanente's Chief Health Officer implementing upstream interventions to optimize conditions for health, I know just how important reliable and sustainable investments are to the health of our communities. In The Fifth Freedom, Erickson deftly connects the dots between how strategic investment decisions - whether from private industry, the nation's health care system, or from all levels of government--can create the conditions for health and equity we all need to truly thrive.

With empathy, precision, and deeply informed historical analysis, David Erickson issues a clarion call for America to fundamentally rethink how it serves its citizens and enables the next generation to flourish. The Fifth Freedom shows that it is possible--and necessary--to think big, to spend well, and restore hope and economic security to all people and places. An essential read for policymakers and citizens alike.

From the Publisher