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:
“No society has been able to abolish human sadness, no political system can deliver us from the pain of living, from our fear of death, our thirst for the absolute. It is the human condition that directs the social condition, not vice versa.”
—Eugène Ionesco (b. 1912)
“Writing ought either to be the manufacture of stories for which there is a market demand—a business as safe and commendable as making soap or breakfast foods—or it should be an art, which is always a search for something for which there is no market demand, something new and untried, where the values are intrinsic and have nothing to do with standardized values.”
—Willa Cather (1876–1947)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)