The social market economy (German: Soziale Marktwirtschaft) is the main economic model used in (West) Germany after World War II. It is based on the political philosophy of Christian democracy Ordoliberalism from the Freiburg School. Ordoliberal ideas were most prominently developed in the academic journal ORDO and implemented in practice by Ludwig Erhard, Minister of Economics and Vice Chancellor under Konrad Adenauer's chancellorship (from 1949 to 1963) and afterwards Chancellor himself (1963 - 1966).
Read more about Social Market Economy: Model, History, Main Elements
Famous quotes containing the words social, market and/or economy:
“Anarchism is the only philosophy which brings man the consciousness of himself; which maintains that God, the State, and society are non-existent, that their promises are null and void, since they can be fulfilled only through man’s subordination.... The individual is the heart of society, conserving the essence of social life; society is the lungs which are distributing the element to keep the life essence—that, is, the individual—pure and strong.”
—Emma Goldman (1869–1940)
“Today the tyrant rules not by club or fist, but, disguised as a market researcher, he shepherds his flocks in the ways of utility and comfort.”
—Marshall McLuhan (1911–1980)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)