Title

The Social Market Economy- Assembled in Germany, Not Made in Germany!

Department

Economics, Finance, & Quantitative Analysis

Document Type

Article

Publication Date

1-1-2014

Abstract

While the concept of the Social Market Economy has a "Made in Germany" image, "Assembled in Germany" is more correct. A "made in" claim requires that a particular product and all of its components originate from the country. This is not true for the Social Market Economy. Instead, Social Market Economics is a utility model that has incorporated lessons from both international economic history and the international history of economic thought. This article provides an overview of these lessons. It concludes that re-emphasizing the many international influences of and parallels and differences to other political-economic theories is necessary to reposition Social Market Economic thought as the only real-world alternative to the romanticisms of socialism, unfettered market liberalism, and economic macro-management.

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