What does "welfare capitalism" mean in economic discussions? 🔊
refers to an economic system that combines a free-market economy with social welfare programs to ensure a safety net for citizens. In these systems, the government plays a role in regulating the market and providing services such as healthcare, education, and unemployment benefits. This approach seeks to promote economic growth while addressing social inequalities and enhancing overall quality of life. Welfare capitalism reflects a balance between capitalist principles and social responsibility, aiming to secure both individual prosperity and societal well-being.
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