It is argued that the coexistence of modern capitalism and democracy was the result of the creation of the modern welfare state in the post-war period, which enabled a relatively stable political atmosphere and widespread support for capitalism. This period of history is often referred to as the "Golden Age of Capitalism".
The ideology of "democratic capitalism" has been in existence since medieval times. It is based firmly on the principles of liberalism, which include liberty and equality. Some of its earliest promoters include many of the American founding fathers[examples needed] and subsequent Jeffersonians.