What concept refers to the idea of fostering social welfare through economic policies that support the disadvantaged?

The concept of fostering social welfare through economic policies that support the disadvantaged is best represented by social democracy. Social democracy combines elements of socialism and capitalism, advocating for political democracy alongside social justice. This approach emphasizes the creation of policies and programs that aim to reduce inequality and provide support to marginalized or disadvantaged groups in society.

Social democracies typically implement policies such as universal healthcare, affordable education, and various social safety nets to ensure that all citizens have access to a minimum standard of living. This aligns with the goal of enhancing social welfare, as it focuses on addressing the needs of those who are less fortunate and working towards a more equitable society.

In contrast, welfare capitalism is primarily focused on the coexistence of a capitalist economy with social welfare programs but does not necessarily prioritize extensive reforms or systemic changes aimed at empowering disadvantaged groups. Utilitarianism, influenced by the philosophy of maximizing overall happiness and benefit to society, does not specifically focus on disadvantaged individuals or propose systematic support frameworks. Corporate socialism, often seen as a critique, suggests a system where corporations act in ways often aligned with public interest but is not characterized by a focus on supporting the disadvantaged through policy. Thus, social democracy is the most fitting answer when considering the aim of enhancing social welfare through targeted economic policies.