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:
“Research shows clearly that parents who have modeled nurturant, reassuring responses to infants’ fears and distress by soothing words and stroking gentleness have toddlers who already can stroke a crying child’s hair. Toddlers whose special adults model kindliness will even pick up a cookie dropped from a peer’s high chair and return it to the crying peer rather than eat it themselves!”
—Alice Sterling Honig (20th century)
“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)
“One of the most important things we adults can do for young children is to model the kind of person we would like them to be.”
—Carol B. Hillman (20th century)