Welfare capitalism refers to capitalist economies that involve a comprehensive social welfare policy in the form of a welfare state, where the welfare state is predominantly financed through taxes levied on privately-owned enterprises or through income taxes. Alternatively, welfare capitalism refers to the practice of businesses providing welfare services to their employees. Welfare capitalism in this second sense, or industrial paternalism, was centered in industries that employed skilled labor and peaked in the mid-20th century.
Although European welfare capitalism is often associated with mixed economies, welfare states can and do exist independently of the economic policies associated with mixed economies, such as state interventionism, regulation and macroeconomic stabilization policies.
Read more about Welfare Capitalism: Modern Welfare Capitalism, History, Anti-unionism, Efficacy
Famous quotes containing the words welfare and/or capitalism:
“Whether in the field of health, education or welfare, I have put my emphasis on preventive rather than curative programs and tried to influence our elaborate, costly and ill- co-ordinated welfare organizations in that direction. Unfortunately the momentum of social work is still directed toward compensating the victims of our society for its injustices rather than eliminating those injustices.”
—Agnes E. Meyer (1887–1970)
“I’m afraid for all those who’ll have the bread snatched from their mouths by these machines.... What business has science and capitalism got, bringing all these new inventions into the works, before society has produced a generation educated up to using them!”
—Henrik Ibsen (1828–1906)