September 27, 2004 1:55 PM

The decline of Welfare Capitalism
Posted by at 1:55 PM

Slate's Daniel Gross writes today on the "Europe-ification" of the American worker, and how the globalization of our economy is hastening the demise of Welfare Capitalism.

Welfare capitalism is a term used by historians and economists to define the distinctive style of capitalism that emerged in the 20th century. Until the turn of the 20th century, fringe benefits, insurance, retirement plans, and health benefits—the perks we have come to define as essential to employment—simply didn't exist. Employers had compensated employees solely with wages.

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