Title: Alfred Müller-Armack and Ludwig Erhard: Social Market Liberalism
Abstract: Soziale Marktwirtschaft (Social Market Economy) is the order that was established in Western Germany after 1945. It is not a precisely outlined theoretical system but more a cipher for a melange of socio-political ideas for a free and socially just society and some general rules of policy. It is a decided liberal concept, based on individual freedom and the belief that well-functioning markets and competition lead to efficiency and by this, to development (or in the case of Germany, recovery) and social improvement. But in sharp distinction to the harmonious Smithian world of the invisible hand, the founding fathers of the post-war order in Germany were convinced that the system must be guided by an economic constitution provided by the state.
Publication Year: 2004
Publication Date: 2004-01-01
Language: en
Type: preprint
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Cited By Count: 6
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