Welfare Policy and Economic Development: A Comparative Historical Perspective

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Abstract
Over a century ago the American economist Henry C. Carey wrote that the masters of slaves “feel that they consult their own interests in feeding, clothing, and lodging them well, because wealth increases faster than population, and their labor becomes daily more valuable.” The change in the wealth/labor ratio which Carey noted is a fundamental aspect of economic growth. Carey saw its consequences in terms of the better care bestowed upon the slave by his master, but with appropriate modifications the same consequences apply to the free worker in a maturing industrial society.

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