Through the early part of the twentieth century, capitalism was governed by a narrow vision of the public institutions needed to uphold it. In practice, the state’s reach often went beyond this conception (as, say, in the case of Bismarck’s introduction of old-age pensions in Germany in 1889).
&#160;&#160;&#160; 二十世纪早期，有限的公共机构管理资本主义加以维系。在实践上，国家发挥的作用经常超越这一观点(例如，1889年陴斯麦在德国推出了养老金)。但是各国政府继续用限制的眼光来看待其经济作用。