social market economy
E12917
The social market economy is an economic system that combines free-market capitalism with strong social policies and state regulation to ensure social justice, fair competition, and broad-based prosperity.
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
economic system
→
socioeconomic model → |
| aimsFor |
broad-based prosperity
→
fair competition → social justice → |
| alsoKnownAs |
Rhenish capitalism
→
soziale Marktwirtschaft → |
| associatedWith |
Alfred Müller-Armack
→
Ludwig Erhard → Walter Eucken → |
| basedOn |
free-market capitalism
→
|
| combines |
market freedom
→
private ownership of the means of production → regulatory intervention → social protection → |
| contrastsWith |
central planning
→
command economy → laissez-faire capitalism → |
| developedIn |
Germany
→
|
| emphasizes |
antitrust enforcement
→
co-determination in firms → collective bargaining → competition policy → full employment → price stability → social security systems → solidarity → state regulation → subsidiarity → welfare state policies → |
| goal |
prevention of market abuses
→
protection of vulnerable groups → reconciliation of efficiency and equity → |
| implementedIn |
Federal Republic of Germany
→
|
| influencedBy |
Christian democracy
→
liberal economic thought → ordoliberalism → social Catholicism → |
| inspired |
European Union economic model
→
|
| originatedInPeriod |
post-World War II era
→
|
| requires |
independent competition authorities
→
macroeconomic stability policies → strong legal framework → |
| supports |
collective wage bargaining
→
labor rights → progressive taxation → public healthcare systems → public provision of education → redistribution of income → universal social insurance → |
Referenced by (1)
| Subject (surface form when different) | Predicate |
|---|---|
|
Wirtschaftswunder
→
|
economicPolicy |