DEFINITION of 'Welfare State'
A concept of government in which the state plays a key role in the protection and promotion of the economic and social well-being of its citizens. A welfare state is based on the principles of equality of opportunity, equitable distribution of wealth and public responsibility for those unable to avail themselves of the minimal provisions of a good life. Under this system, the welfare of its citizens is the responsibility of the state.
INVESTOPEDIA EXPLAINS 'Welfare State'
Under this method, the government oversees and administers healthcare, education, employment, social security and other resources that help maintain the standard of living of the state's citizens.
Supplemental Social Security Income (SSI) is one of these programs. SSI is a federal income supplement program funded by general tax revenues, not by Social Security taxes that was initiated in order to help the less fortunate.
A social welfare system is a program that provides assistance ...
A system that allows state governments to provide and track benefits ...
A branch of economics that focuses on the optimal allocation ...
A joint federal and state program that helps low-income individuals ...
A government program which provides financial aid to individuals ...
Definition of welfare capitalism.