Capitalism and welfare 10 marker

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  • Capitalism and welfare
    • Capitalism
      • Liberalism is born out of industrial capitalism
        • It promotes individual responsibility
        • Response to social change
      • Challenges divine rights and promotes individuals natural rights
      • The free market should have no state intervention
        • Adam Smith - laissez faire economics
        • The state should let individuals succeed/fail in the market on his/her own merits
      • Modern liberals reject free market
        • Needs a ‘mixed economy’ because unregulated free market leads to poverty, inequality and injustice
        • Freedom of choice in the marketplace gives an inadequate conception of individual freedom
        • Keynes = managed economy
    • Welfare
      • Classical liberals:
      • Modern liberals:
        • State should act as a vehicle to enhance liberty
          • The welfare state: ‘help people to help themselves’
        • The welfare state: ‘help people to help themselves’
        • The state possesses a social responsibility to reduce or remove disadvantages to create a level for equality of opportunity
      • The expanded welfare support in the UK was based on the Beveridge report

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