Welfare capitalism is a form of economic system in which private companies provide social welfare programs to their employees in addition to offering wages and benefits. This model is also known as social capitalism, corporate welfare, or industrial democracy. The concept of welfare state also represents similar ideologies of providing social benefits to workers. In modern usage, the term social market economy is sometimes used synonymously with welfare capitalism. Corporate Social Responsibility is another term that is related to welfare capitalism, which refers to business practices that prioritize social and environmental concerns alongside financial performance. These various terms describe different variations of a basic idea, that businesses should take responsibility for the societal impacts of their actions.