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Q: " Welfare Capitalism" ( Answered,   0 Comments )
Subject: " Welfare Capitalism"
Category: Reference, Education and News > Education
Asked by: jtb1999-ga
List Price: $10.00
Posted: 03 Jul 2006 22:46 PDT
Expires: 02 Aug 2006 22:46 PDT
Question ID: 743170
Welfare Capitalism.

a. no longer exists
b. was the economic system that predominated the 18th century an economic system in which the market operates but the
government regulates the market substantially.
d. is an economic system in which most members of society are
receiving government welfare.
Subject: Re: " Welfare Capitalism"
Answered By: keystroke-ga on 03 Jul 2006 23:24 PDT
According to the Wikipedia article:

Welfare capitalism no longer exists in its orginal form, so the
closest answer would be a).
It was begun after the Industrial Revolution, when workers worked from
sunrise to sundown and tycoons benefited on the backs of child labor,
in order to provide for workers who were very poor.  Henry Ford began
the "$5 day" and many factory owners provided housing for their
workers to live, which gave rise to many towns, including the one I
live in! provides a good explanation
"Welfare capitalism is a term used by historians and economists to
define the distinctive style of capitalism that emerged in the 20th
century. Until the turn of the 20th century, fringe benefits,
insurance, retirement plans, and health benefits?the perks we have
come to define as essential to employment?simply didn't exist.
Employers had compensated employees solely with wages."

This, of course, has been superseded for the most part by a
governmental welfare system, in which workers receive healthcare and
other benefits from the government.  This is especially true in
European countries, more so than in the US.  US businesses provide
health care and benefits for their workers, for the most part, but it
is more of a perk to be able to hire the best workers than a remnant
of the welfare system of a hundred years ago.
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