Welfare Capitalism

Capitalism: an economic system where trade and manufacturing are owned privately (i.e. by individuals or groups of people) as opposed to the government. Maintains private ownership while prioritizing social welfare policies. Social welfare programs include universal (tax-funded) healthcare, childcare, university, and different types of insurance, as well as generous financial and housing aid for the poor. Proponents of welfare capitalism argue that it preserves economic growth and competition while lessening the class divide and improving quality of life for the poor. Some critics on the left argue that this system maintains many of the flaws of capitalism such as the valuing of money over high employee wages/rights and ethical production and products. Some on the right disapprove of the high taxes on the wealthy and the possibility of some people not being incentivized to work if they receive welfare (leading to a labor shortage, which would be bad for the economy). Example: a citizen doesn't have to pay for healthcare or their child's university, and a wealthy business owner loses over half of their income to taxes.