Faculty of Business, Economics & Accounting
Department of Business Studies
HELP Bachelor of Business (Hons) Year 2 & Year 3 – HUBBU
Semester 1, 2010
Subject: MGT 305
Business Ethics & Social Responsibility
Subject Lecturer: Mrs Chithra Latha Vasuthevan
Submission date: 30 April 2010
Name: Alan Fong Tuei Vern
ID Number: B0901332
Welfare state defines as a concept of government where the state performed a key role in protection and support of the economic and social well being of its citizens (Sherry Holetzky, 2007). It is based on the fundamental of fairness of opportunity, equitable distribution of wealth, and public responsibility for those who unable to benefit themselves to the minimal stipulation for a good life. Welfare capitalism refers to the combination of a capitalist economic system with a welfare state, and an intricate system that is often taken for granted and “left for the government to manage”. To understand and support towards the political leaders and system, we must need to comprehend the economic structure within a country.
Capitalism is a strong and vibrant economic system, which is classified when production and distribution corporations are predominantly in private hands (Shaw & Barry, 2006). When a government makes a obligation to support and secure the futures of the citizen through the provision of a welfare system and safety net for workers, at the same time operating a capitalist economic system, that shows how state welfare capitalist political system develop. In the welfare state contains legislative corporate requirements, for instance, protection for workers, health care benefits, minimum wages, equity for workers such as women and also unemployment benefits.
In addition, capitalism is the maneuver of production and distribution under a profit system. However, for corporation to achieve target profit, yielding higher income than expenditure, workers must be fully utilized. In... [continues]
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