Editing Capitalism (section)

=== Welfare ===
{{Main|Welfare capitalism}}
{{See also|Economic interventionism|Mixed economy}}
Welfare capitalism is capitalism that includes social welfare policies. Today, welfare capitalism is most often associated with the models of capitalism found in Central and Northern Europe such as the [[Nordic model]], [[social market economy]] and Rhine capitalism. In some cases, welfare capitalism exists within a mixed economy, but welfare states can and do exist independently of policies common to mixed economies such as [[state interventionism]] and extensive regulation.<ref>{{Cite book |last=Esping-Andersen |first=Gøsta |title=[[The Three Worlds of Welfare Capitalism]] |publisher=[[Princeton University Press]] |year=1990 |isbn=9780691028576}}</ref>

A mixed economy is a largely market-based capitalist economy consisting of both private and public ownership of the means of production and [[economic interventionism]] through macroeconomic policies intended to correct [[market failure]]s, reduce unemployment and keep inflation low. The degree of intervention in markets varies among different countries. Some mixed economies such as France under [[dirigisme]] also featured a degree of [[Indicative planning|indirect economic planning]] over a largely capitalist-based economy.

Most modern capitalist economies are defined as mixed economies to some degree<ins>,</ins> however French economist [[Thomas Piketty]] state that capitalist economies might shift to a much more ''laissez-faire'' approach in the near future.<ref>{{Cite book |last=Piketty |first=Thomas |title=Le capital au XXIe siècle |year=2013 |isbn=978-2-02-108228-9 |pages=799, 800 |language=fr |chapter=Repenser l'impôt progressif sur le revenu |publisher=Éditions du Seuil |trans-chapter=To rethink income tax progressivity |quote=Si cette régressivité fiscale au sommet de la hiérarchie sociale devait se confirmer et s'amplifier à l'avenir, [...] il est bien évident qu'une telle sécession fiscale des plus riches [avec les autres classes] est potentiellement extrêmement dommageable pour le consentement fiscal dans son ensemble [qui] s'en trouve amoindri [...]. Il est vital pour l'État social moderne que le système fiscal qui le sous-tend conserve un minimum de progressivité. |trans-quote=If tax regressivity on top of the social hierarchy may settle in and escalate in the future, it is obvious that such a tax secession between the richest and the other classes will be highly harmful towards the agreement over the taxation system which will weaken. It is essential for the modern social system that the taxation system preserve a sort of tax progressivity.}}</ref>