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:
“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)
“The striking point about our model family is not simply the compete-compete, consume-consume style of life it urges us to follow.... The striking point, in the face of all the propaganda, is how few Americans actually live this way.”
—Louise Kapp Howe (b. 1934)
“The Battle of Waterloo is a work of art with tension and drama with its unceasing change from hope to fear and back again, change which suddenly dissolves into a moment of extreme catastrophe, a model tragedy because the fate of Europe was determined within this individual fate.”
—Stefan Zweig (18811942)