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:
“[In early adolescence] she becomes acutely aware of herself as a being perceived by others, judged by others, though she herself is the harshest judge, quick to list her physical flaws, quick to undervalue and under-rate herself not only in terms of physical appearance but across a wide range of talents, capacities and even social status, whereas boys of the same age will cite their abilities, their talents and their social status pretty accurately.”
—Terri Apter (20th century)
“It is a sign of our times, conspicuous to the coarsest observer, that many intelligent and religious persons withdraw themselves from the common labors and competitions of the market and the caucus, and betake themselves to a certain solitary and critical way of living, from which no solid fruit has yet appeared to justify their separation.”
—Ralph Waldo Emerson (1803–1882)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)