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Title: The Social Market Economy in Germany

Citation Type: Book, Section

Publication Year: 2023

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Abstract: In Germany, the liberal economic model that replaced the centralized, war-oriented economy of the Third Reich, based on the principles of the “social market economy” and “social partnership,” has led to widely shared prosperity and broad support for democratic values. The system has maintained this model since the end of the war through continuous incremental adaptation. The contributions of Freiburg school ordoliberalism, along with such institutions as collective bargaining, employment-based social insurance, a vigorous antimonopoly policy, and a concern with social justice, have contributed to Germany’s success. An orientation to investment in the productive capacities of the workforce facilitates the sharing of knowledge, in contrast to the more conflictual American system of labor-management relations. Germany does not confuse financial manipulation with the production of value. Germany’s party system has so far kept antidemocratic extremists on the margins.

Url: https://academic-oup-com.ezp3.lib.umn.edu/book/46065/chapter/404550385

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Authors: Remington, Thomas F.

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Pages: 249-294

Volume Title: The Returns to Power: A Political Theory of Economic Inequality

Publisher: Oxford University PressNew York

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Data Collections: IPUMS USA

Topics: Labor Force and Occupational Structure

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