The big difference between the two in terms of industry is “incentives”. Starting from the small company to big industrial state the employers have frequently augmented cash payments to workers with no cash compensations. Welfare capitalists have attempted to achieve business goals by innovative management of labour relations
It is basically system of private; employer based social welfare provision which is first gained its popularity in 1880s. It was based on the idea that Americans should look not to the government or to labour unions but to the Workplace benefits provided by private-sector employers for protection against the fluctuations of the market economy. It was a great idea of capitalism where it has ideals like business-labour cooperation and social responsibility. (Schneider, 2014)
Failure of Western welfare capitalism
One thing here needs to be understood is capitalism is not a political system but it is an economic one. There is no biggest failure of western capitalism as such. But yes there is slow degradation observed.
National liberation and Industrialization
It is very useful to the society. National liberation is nothing but the conflicts fought by the nationalities to gain independence. Industrialization is the process when people of a country start using machines to do work instead of traditional methods. People start working in factories more. The Industrial Revolution, which took place from the 18th to 19th centuries,
Says about the time in which the Agrarian and the backward societies in the countries became to exist as an industrial entity. It basically started from britan then beyond britan. The failure of internal control system is a reason for its degradation it also affects standard of living of people, labour conditions, social effects etc. it also had some bad effects also like workers being hurt, environment, imparallelism etc. (Smelser, 2013)