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:
“The true use of Shakespeare or of Cervantes, of Homer or of Dante, of Chaucer or of Rabelais, is to augment one’s own growing inner self.... The mind’s dialogue with itself is not primarily a social reality. All that the Western Canon can bring one is the proper use of one’s own solitude, that solitude whose final form is one’s confrontation with one’s own mortality.”
—Harold Bloom (b. 1930)
“But the nomads were the terror of all those whom the soil or the advantages of the market had induced to build towns. Agriculture therefore was a religious injunction, because of the perils of the state from nomadism.”
—Ralph Waldo Emerson (1803–1882)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)