When the new industrial working class began to organize, governments defused the threat of revolution from below that Karl Marx had prophesied by expanding political and social rights, regulating markets, erecting a welfare state that provided extensive transfers and social insurance, and smoothing the ups and downs of the macroeconomy. In effect, they reinvented capitalism to make it more inclusive and to give workers a stake in the system.
当新工业工人阶级开始组织起来时，政府通过扩大政治和社会权利、监管市场、建立提供大规模转移支付和社会保险的福利国家、平滑宏观经济起伏等手段消弭了马克思所预言的革命的威胁。事实上，它们重新发明了资本主义，让它变得更包容，让工人在体系中也能占据一席之地。