Erik Erikson was one of the most prominent psychologists during the turn of the 20th century in which the German-American has his emphasis for developing the theory that revolves around psycholosociology. In addition to that, erikson said that achieving generativity results to stagnation.
Welfare means well-being and with a minimum support.
General welfare is the concept that all people should have some basic quality of life (home, food, security).
In order to ensure this, there is often a "general welfare"clause in the constitution (US has it, but other countries too).
The standard is still important (arguably even more important compared to past situation) because due to the development of social media, the flow of information became extremely easy to consume.
Even though this might good for average people, we cannot deny the fact that this could also make it easier for someone who want to intentionally spread misinformation.
Explanation:
The author means that even though Japan has a larger trading system (I assume that is what it's referring to) it does not exactly fit the same terms as a usual trading system would.
