Social market economy
Socioeconomic model combining a free-market capitalist economic system alongside social policies and enough regulation to establish both fair competition within the market and generally a welfare state.- Social market economy
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Political ideology that emerged in 19th-century Europe under the influence of Catholic social teaching, as well as neo-Calvinism.
Christian democrats support a social market economy.
Economic theory asserting that the world's productive assets should be widely owned rather than concentrated.
It has also partially influenced Christian democratic social market economy.
German politician affiliated with the Christian Democratic Union (CDU), and chancellor of West Germany from 1963 until 1966.
During that period he promoted the concept of the social market economy (soziale Marktwirtschaft), on which Germany's economic policy in the 21st century continues to be based.
German variant of economic liberalism that emphasizes the need for government to ensure that the free market produces results close to its theoretical potential but does not advocate for a welfare state.
Ordoliberal ideals became the foundation of the creation of the post-World War II German social market economy and its attendant Wirtschaftswunder.
Political position akin to centrism that attempts to reconcile right-wing and left-wing politics by advocating a varying synthesis of centre-right economic policies with centre-left social policies.
The term was picked up again in the 1950s by German ordoliberal economists such as Wilhelm Röpke, resulting in the development of the concept of the social market economy.
Social liberalism (Sozialliberalismus, socioliberalismo) also known as new liberalism in the United Kingdom, modern liberalism in the United States, left liberalism (Linksliberalismus) in Germany and progressive liberalism (Liberalismo progresista) in Spanish-speaking countries, is a political philosophy and variety of liberalism that endorses a social market economy within an individualist economy and the expansion of civil and political rights.
The Wirtschaftswunder (, "economic miracle"), also known as the Miracle on the Rhine, was the rapid reconstruction and development of the economies of Germany and Austria after World War II (adopting an ordoliberalism-based social market economy).
British politician, intellectual and barrister.
Keith Joseph was the first to introduce the concept of the social market economy into Britain, an economic and social system inspired by Christian democracy.
German statesman who served as the first chancellor of West Germany from 1949 to 1963.
Along with his Minister for Economic Affairs and successor Ludwig Erhard, the West German model of a "social market economy" (a mixed economy with capitalism moderated by elements of social welfare and Catholic social teaching) allowed for the boom period known as the Wirtschaftswunder ('economic miracle') that produced broad prosperity.
Political and economic ideology based on strong support for a free market economy based on individual lines and private property in the means of production.
A social market economy is a largely free market economy based on a free price system and private property, but it is supportive of government activity to promote competitive markets and social welfare programs to address social inequalities that result from market outcomes.