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The Meaning of the Social Market Economy

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Part of the Trade Policy Research Centre book series (TPRC)

Abstract

Since the currency reform of 1948, the economic policy of the Federal Republic has been conducted under the banner of the ‘social market economy’. This term has since been used to describe the overall conception of economic policy developed primarily by the then Federal Minister for Economic Affairs, Ludwig Erhard. In 1949 the guiding principles of the Christian Democratic Union (CDU) as laid down in Düsseldorf brought the term to public attention. Since then it has become the foundation of the politico-economic programme of the coalition parties in the first and second Federal Parliaments.

Keywords

  • Market Economy
  • Central Control
  • Social Market Economy
  • Federal Minister
  • Currency Reform

These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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  • DOI: 10.1007/978-1-349-20145-7_6
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© 1989 Trade Policy Research Centre

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Müller-Armack, A. (1989). The Meaning of the Social Market Economy. In: Peacock, A., Willgerodt, H. (eds) Germany’s Social Market Economy: Origins and Evolution. Trade Policy Research Centre. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-20145-7_6

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