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Introduction

In: Origins and Change of the Social Market Economy

Author

Listed:
  • Günther Chaloupek

    (Austrian Chamber of Labour)

  • Hans A. Frambach

    (University of Wuppertal)

Abstract

The year 2023 marks the 75th anniversary of the social market economy of Germany. The currency reform took force on the 20th of June 1948 in the three western parts of the country, several months before the Federal Republic of Germany (FRG) was constituted by the adoption of the Grundgesetz in May 1949. In parallel with the currency reform, which replaced the Reichsmark by the newly introduced D-Mark, thereby reducing the money supply by more than 90 percent, most price controls and rationing of foodstuffs were repealed, and free markets were re-established in major parts of the economy. The result of the first parliamentary elections of the FRG, which brought a majority for a coalition of Christian Democrats (CDU) and Free Democrats (FDP), ensured that the conception of the social market economy would determine the future course of economic and social policies of the FRG.

Suggested Citation

  • Günther Chaloupek & Hans A. Frambach, 2023. "Introduction," The European Heritage in Economics and the Social Sciences, in: Jürgen G. Backhaus & Günther Chaloupek & Hans A. Frambach (ed.), Origins and Change of the Social Market Economy, pages 1-7, Springer.
    • Handle: RePEc:spr:euhchp:978-3-031-39210-8_1
    DOI: 10.1007/978-3-031-39210-8_1
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