Model
The social market economy seeks a market economic system rejecting both socialism and laissez-faire capitalism, combining private enterprise with measures of government regulation in an attempt to establish fair competition, low inflation, low levels of unemployment, a standard of working conditions, and social welfare. The term "social" was chosen rather than "socialist" to distinguish the social market economy from a system in which the state directed economic activity and/or owned the means of production, which are privately-owned in the social market model.
Important figures in the development of the concept include Franz Oppenheimer, Walter Eucken, Wilhelm Röpke, Franz Böhm and Alfred Müller-Armack, who originally coined the term Soziale Marktwirtschaft.
Read more about this topic: Social Market Economy
Famous quotes containing the word model:
“There are very many characteristics which go into making a model civil servant. Prominent among them are probity, industry, good sense, good habits, good temper, patience, order, courtesy, tact, self-reliance, many deference to superior officers, and many consideration for inferiors.”
—Chester A. Arthur (1829–1886)
“Your home is regarded as a model home, your life as a model life. But all this splendor, and you along with it ... it’s just as though it were built upon a shifting quagmire. A moment may come, a word can be spoken, and both you and all this splendor will collapse.”
—Henrik Ibsen (1828–1906)
“I’d like to be the first model who becomes a woman.”
—Lauren Hutton (b. 1944)