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70 Jahre Wirtschafts- und Währungsreform: Von der Rekonstruktionstheorie zur Ordnungspolitik

Author

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  • Schäfer Wolf

    (Helmut-Schmidt-UniversitätHamburg, Europa-Kolleg Hamburg, Germany)

Abstract

There are at least two alternative approaches to the valuation of the price and monetary reform in 1948. The one relates to the so-called reconstruction thesis saying that the significant economic recovery in post-war West Germany was not the result of Ludwig Erhard`s monetary reform and price liberalisation policy. Instead, it was the long-run productivity of the country which determined its economic growth independent of Erhard`s reform policy. In this article, it is argued that it was the change of the institutional arrangements as regards introducing more market economy into post-war West Germany. Therefore, what we can learn from Ludwig Erhard´s post war strategy Ordoliberalism as part of the Institutional Economics market approach fosters growth and development. In Germany, Erhard´s market philosophy meanwhile has lost broad political acceptance.

Suggested Citation

  • Schäfer Wolf, 2018. "70 Jahre Wirtschafts- und Währungsreform: Von der Rekonstruktionstheorie zur Ordnungspolitik," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 69(1), pages 85-95, July.
  • Handle: RePEc:bpj:ordojb:v:69:y:2018:i:1:p:85-95:n:7
    DOI: 10.1515/ordo-2019-0008
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    References listed on IDEAS

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    1. Gunther Schnabl, 2017. "The Failure of ECB Monetary Policy from a Mises-Hayek Perspective," CESifo Working Paper Series 6388, CESifo.
    2. Barro, Robert J & Grossman, Herschel I, 1971. "A General Disequilibrium Model of Income and Employment," American Economic Review, American Economic Association, vol. 61(1), pages 82-93, March.
    3. Mr. Eric Thode & Norbert Berthold & Rainer Fehn, 1999. "Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase," IMF Working Papers 1999/083, International Monetary Fund.
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    Cited by:

    1. Schnabl Gunther, 2020. "Soziale Marktwirtschaft damals und heute," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 69(1), pages 1-24, May.

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    More about this item

    Keywords

    Ludwig Erhard; Wirtschaftsreform; Trizone; Rekonstruktionstheorie; Ordnungspolitik; Institutionenökonomik; Fixpreis- und Flexpreisökonomik; Soziale Marktwirtschaft;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B55 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Social Economics
    • D49 - Microeconomics - - Market Structure, Pricing, and Design - - - Other
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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