Varianten von Marktwirtschaften: Lehren für Russland[Varieties of Market Economies: Lessons for Russia]

The ordo-liberal inspired Social Market Economy that emerged from west German economists and lawyers of the second half of the 1940s has perhaps attracted more attention in the international academic debate. Than prior to the financial crisis that became obvious to a wider public in 2008. Prior to this even the approach of ‘German neo-liberalism’ (i.e. ordo-liberalism) was neglected by many mainstream economists outside of Germany. Unexpectedly, Ge3rmany coped with turbulent economic times since 2008 much better than many spectators particularly in the Anglo-Saxon economies that support ‘free market’-principles more than the German establishment have anticipated. Simultaneously, these latter economies have lost much of their former appeal as a result of their decreased dynamism and problems to cope with the current problems in recent years. The renaissance of German ordoliberal concepts during both the financial crisis and the crisis in the euro area leads to the question whether the principles of the Social Market Economy can also serve as a guide for reforms in Russia. According to the author, an appropriate implementation of these principles would lead to lastingly superior prospects of prosperity in Russia.