Abstract

At the root of the problems capitalism is facing in many countries there might be structural changes that could persist and make its future much different from the past. The implications for the pursuit of social well-being and, therefore, for the effectiveness of the Welfare state could be wide-ranging. This essay analyzes the risk of both «secular stagnation» and technological changes that can dramatically worsen the distribution of labour income, especially, but not only, through the diffusion of «the winner-takes-it-all» markets. These developments could impair the ability of the Welfare state - both the protection and the promotion types - to guarantee social well-being; therefore, other policies addressed to change the working of markets could become more and more necessary for an inclusive and fair society.