While recent literature on social welfare has included Asian countries, less is known about low-income and former socialist countries in Central Asia. This article combines a documentary-historical method with a value-critical approach to analyze Mongolia’s social policy response to poverty. Mongolia is unique in Asia because it transformed from nomadic pastoralism to socialism without a phase of capitalist industrial development. The case study found that Mongolia lost social welfare when it transitioned from socialism, a statist model, to market liberalism and multiparty democracy. In the 21st century, Mongolia has been aspiring to promote social development by redirecting mining revenues to a human development fund. Mongolia is potential...