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:
“Power has only one duty—to secure the social welfare of the People.”
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