welfare state

welfare state definition - business

welfare state

The term used to describe the result of a social policy in which government assumes responsibility for the welfare of its citizens. The degree of responsibility can vary but generally includes retirement income, health insurance or care, and employment assistance. A welfare state is accompanied by high tax rates to provide funding for government services.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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