social welfare economy JUST WRITTEN FOR YOU
/sɒʃəl ˈwɛl.fɛr ɪˈkɒn.ə.mi/ · sos·i·al wel·fare e·co·nom·y
noun
- An economic system that prioritizes social welfare and the well-being of citizens, often through government intervention and regulation. The country's social welfare economy has led to a significant reduction in poverty rates and improved access to healthcare.
noun
- A type of economy that emphasizes social welfare and the redistribution of wealth, often through progressive taxation and social programs. The social welfare economy has been implemented in several countries to address income inequality and promote economic growth.
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Did you know? The concept of a social welfare economy has been influential in the development of social democracy and has been implemented in various forms around the world, including in Nordic countries and some Latin American nations.