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- W4254411584 abstract "The essence of the modern welfare state lies in its institutional commitment to reconcile equity issues with the efficient operation of markets in industrial and postindustrial capitalist societies. As capitalism institutionally relies on the free competition of autonomous individual agents in exchange markets to achieve economic efficiency, but meets with real‐world economies that exhibit an unequal distribution of resource and wealth holdings, economies of scale in production, significant transaction costs, and imperfect information regarding prices and preferences, the unfettered operation of exchange markets is likely to result in anything but an egalitarian distribution of economic well‐being in society. As an institutional antidote, modern welfare states have developed various policy instruments to realign the distributional outcomes of markets with broader social objectives of governments and their constituencies – and, hence, the welfare state has rightly come to be seen as institutionalizing social solidarity in increasingly complex societies made up of socially as well as economically highly heterogeneous populations." @default.
- W4254411584 created "2022-05-12" @default.
- W4254411584 creator A5017166131 @default.
- W4254411584 date "2015-10-26" @default.
- W4254411584 modified "2023-10-12" @default.
- W4254411584 title "Welfare State" @default.
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- W4254411584 doi "https://doi.org/10.1002/9781405165518.wbeosw010.pub2" @default.
- W4254411584 hasPublicationYear "2015" @default.
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