Welfare Capitalism

The term “welfare capitalism” is used in two ways. On the one hand, 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. On the other hand, welfare capitalism is at the center 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 interpretation of capitalist development and the consolidation of the welfare state in Western countries after World War II. Finally, we discuss the current relevance of the concept in a context of postindustrial transformations where social and economic change, globalization, and financialization are changing the connection between capitalism and welfare.