See this article. An excerpt:
"The New Deal saved capitalism from itself. [...] The New Deal showed that capitalist countries could overcome the 'concentration' curse. Using a host of government programs, it resurrected the mighty American market engine from the depths of The Great Depression, and over three or four decades delivered the greatest burst of growth, productivity, and prosperity that this country — and this world — has ever seen. How did that happen? The New Deal shared the wealth in manifold and diverse manners, using a plethora of government programs, rules, and institutions. [...] To put it simply: Yes. Prosperity requires a welfare state. Or to put it another way: Widespread prosperity both causes and is greater prosperity."
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