Social Market Foundation
Lambert M. SurhoneISBN: 978-3-6399-9931-0;
The social market economy seeks a market economic system rejecting both socialism and laissez-faire capitalism, combining private enterprise with measures of government regulation in an attempt to establish fair competition, low inflation, low levels of unemployment, a standard of working conditions, and social welfare. Nominally respecting the free market, the social market economy is opposed to both a strictly planned economy and laissez-faire capitalism. Erhard once told Friedrich Hayek that the free market economy did not need to be made social but was social in its origin. The term "social" was chosen rather than "socialist" to distinguish the social market economy from a system in which the state directed economic activity and/or owned the means of production, which are privately-owned in the social market model.
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