Capitalism, Democracy, and Welfare

Markets, especially global ones, are widely assumed to be antithetical to a generous welfare state. This book shows why this is not necessarily the case. Based on the key idea that social protection in a modern economy, both inside and outside the state, can be understood as protection of specific investments in human capital, the book offers a systematic explanation of popular preferences for redistributive spending, the economic role of political parties and electoral systems, and labor market stratification (including gender inequality).