Welfare Capitalism

The term ‘welfare capitalism’ is used with a double meaning. On one side, it refers to the critical interpretations of the controversial impact of capitalism on social protection. From this point of view the diffusion of capitalism creates a deficit of social protection that has been faced by the development of welfare policies. On the other side, welfare capitalism is at the centre of the field of study that has tried to explain the diversified features of the welfare state in different national contexts. Here, we explore the historical transition from preindustrial to industrial society and the link between capitalism and welfare. We then discuss different lines of interpretations of capitalist development and the consolidation of the welfare state in western countries after the Second World War. Finally, we discuss the current relevance of the concept in a context of post-industrial transformations where social and economic change, globalization and financialization are changing the connection between capitalism and welfare