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Welfare capitalism is capitalism that includes social welfare policies [1] [better source needed] and/or the practice of businesses providing welfare services to their employees. Welfare capitalism in this second sense, or industrial paternalism , was centered on industries that employed skilled labor and peaked in the mid-20th century.
Capitalism is an economic system based on the private ownership of the means of production. This is generally taken to imply the moral permissibility of profit, free trade, capital accumulation, voluntary exchange, wage labor, etc.
"People's capitalism" was an American propaganda meme popularized in the mid-1950s as a name for the American economic system by the Ad Council's Theodore Repplier.It was endorsed by President Dwight D. Eisenhower for worldwide use by the United States Information Agency, which employed the term to trumpet the successful aspects of the American economy worldwide during the Cold War. [1]
Although laissez-faire has been commonly associated with capitalism, there is a similar laissez-faire economic theory and system associated with socialism called left-wing laissez-faire, [71] [72] or free-market anarchism, also known as free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism.
Finance capitalism is the subordination of processes of production to the accumulation of money profits in a financial system. In their critique of capitalism, Marxism and Leninism both emphasise the role of finance capital as the determining and ruling-class interest in capitalist society, particularly in the latter stages. [149] [150]
This is an accepted version of this page This is the latest accepted revision, reviewed on 2 March 2025. Scottish economist and philosopher (1723–1790) This article is about the Scottish economist and philosopher. For other people named Adam Smith, see Adam Smith (disambiguation). Adam Smith FRS FRSE FRSA Posthumous Muir portrait, c. 1800 Born c. 16 June [O.S. c. 5 June] 1723 Kirkcaldy, Fife ...
The extension of universal adult male suffrage in 19th century Britain occurred along with the development of industrial capitalism, and democracy became widespread at the same time as capitalism. Research on the democratic peace theory further indicates that capitalist democracies rarely make war with one another and have little internal violence.
An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith (1723–1790).