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A Retrospective on the Early Period of the German Social Market Economy

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  • Bence Varga

    (Magyar Nemzeti Bank)

Abstract

During the 1950s and the first half of the 1960s, the social market economy produced significant long-term prosperity for German citizens, even though not only welfare measures were introduced in the early period. While from the second half of the 1960s the paradigm of the social market economy could no longer produce adequate answers to the emerging challenges (stagflation, impact of changing circumstances in the world economy), its main pillars, such as its "social" character, social responsibility and its aspects of sustainability, cannot be disregarded in other, dissimilar socio-economic systems either. In this article, we outline the operating model of the German social market economy and draw the conclusions applicable to our own era.

Suggested Citation

  • Bence Varga, 2023. "A Retrospective on the Early Period of the German Social Market Economy," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 22(3), pages 166-172.
    • Handle: RePEc:mnb:finrev:v:22:y:2023:i:3:p:166-172
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