This publication notes that the most effective policies for supporting human development and reducing vulnerabilities are those that incorporate principles of universalism, by placing people at the centre of policy. Responding to life cycle and structural vulnerabilities through social investments and policy interventions deliver long-term benefits – by reducing vulnerabilities at critical life phases and mitigating structural disadvantage faced by discriminated groups in society. Yet, the emerging challenges and risks posed by vulnerability given the backdrop of globalisation require a concerted approach – and collective action that will measure up to the scale of these shared challenges. In building this argument, this companion volume to the 2014 Human Development Report, draws on research commissioned from eminent economists, demographers and social scientists.