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Explain Germany's social market economy in the 1960s and 1970s
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Explain Germany's social market economy in the 1960s and 1970s The term "Sozialemartwirtschaft" was first coined in 1946, and has since been used as a definition of the policy regime of the Federal Republic of Germany, and now the unified German state. The ambiguity of the English translation of the phrase is indicative of the problems of arriving at a clearcut definition of the ideal. `Sozialemartwirtschaft has been translated as "regulated free market economy" and "socially conscious free market economy". By phraseological definition then the term implies a "regulated", meaning controlled economy, and "free" meaning just a market economy. `The theoretical work of Ludwig Erhard provides the ideological framework for this Social market, though the initial movement centred around the University of Frieburg and W. Euken. This movement had alot in common with a 'laissez-faire' liberal view of market forces in generating economic efficiency, but was maybe closest to the Von Hayek (Austrian)...
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