ABSTRACT
Marshall has pointed out that at the beginning of the twentieth century the future of the country was seen in terms of a choice between a modified laissez-faire capitalism and socialism. 1 But by the middle of the century a third way had been found, a combination of capitalism with economic planning and universal social services, that became known as ‘the welfare state’. With varying emphases, other western countries have developed a similar approach to economic and social problems. Indeed, even in avowedly communist countries there has in recent years been a tendency to accept to a greater extent capitalist elements in the economy.
