ABSTRACT
Capitalism and the more modern industrial capitalism were both born in Europe, and were both challenged in Europe by alternative ideologies after World War I. Those alternatives all failed, but, partly because of the challenges, capitalism itself went through a major transformation. Europe produced a new version of “social market” or welfare capitalism, at times mockingly referred to as “capitalism with human face.”1 The old malaise of the system, however, is still with us, and was painfully so during the decade of crisis in the 2010s.
