Government intervention in markets aims to address inequalities and promote equity, creating a State of Welfare.
Government interference in the marketplace occurs to address market failures and reduce inequalities. In a capitalist economy, unregulated markets can lead to wealth concentration, necessitating limited government intervention to promote equity and security.
Government can create equity by implementing policies that ensure a fair distribution of resources and opportunities, thus leveling the playing field in the economy.
A State of Welfare aims to provide social security benefits and ensure the overall well-being of its citizens through interventions that address inequalities and promote social cohesion.
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