Social Market

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  • A theory that is designed to deal with market failure and traditional normative values. It became especially prominent in West Germany after the Nazi experience of extensive regulation of markets and dictatorship. The West Germans wanted an economy with less intensive regulation that would be responsive to the needs of its citizenry and not just the wealthy.

    The concept is premised on the idea that competition can price the less fortunate out of the market and that the unchecked market is capable of evolving into monopolistic and oligopolistic structures. As such, economic policy since the 1950s has been directed at money and banking, monopolies and cartels, the labor market, and exchange rate policy.

    The term social was preferred over socialist to differentiate the intensity of government intervention ...

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