THE CONCEPTS OF SOCIAL MARKET ECONOMY
Social market economy soziale Marktwirtschaft is an economic system that combines economic freedom and private property with the principle of social justice. It has to be the system of efficient and fair, and thus competition. The task of the Member State is to introduce competition and control its observance. The concepts of social market economy were developed by German economists, proponents of liberalism and the ideas of ordo. These concepts contain different rules of economic policy: economic humanism Röpke, competitive economic order Eucken and prosperity for all Erhard. The economists played apart in the “economic miracle” of Germany in the 1950s and 60s.