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Origins and Change in the Concept of Social Market Economy

In: Origins and Change of the Social Market Economy

Author

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  • Hans A. Frambach

    (University of Wuppertal)

Abstract

The social market economy is certainly one of the greatest achievements of economics, yet it now seems somewhat out of fashion. Ever since its beginnings, it has been a compromise between fundamentally contradictory concepts such as liberalism and socialism, but today, the conditions for this compromise are different. Basic principles and values that were still highly relevant at the time of its development have changed in the course of an increasingly globalized world. This chapter will explain what was special about the social market economy compared to other “third ways” and the conditions that fostered its success. It will then identify current challenges and raise the question as to what adjustments are needed to breathe new life into the social market economy as a significant regulatory framework.

Suggested Citation

  • Hans A. Frambach, 2023. "Origins and Change in the Concept of Social Market Economy," The European Heritage in Economics and the Social Sciences, in: Jürgen G. Backhaus & Günther Chaloupek & Hans A. Frambach (ed.), Origins and Change of the Social Market Economy, pages 9-24, Springer.
    • Handle: RePEc:spr:euhchp:978-3-031-39210-8_2
    DOI: 10.1007/978-3-031-39210-8_2
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