Template-Type: ReDIF-Article 1.0

Author-Name: Bence Varga
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: vargabe@mnb.hu
Author-Person: pva818

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

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.

Classification-JEL: 
Keywords: 
Pages: 166-172
Volume: 22
Issue: 3
Year: 2023
File-URL: https://en-hitelintezetiszemle.mnb.hu/letoltes/fer-22-3-fa2-varga.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:22:y:2023:i:3:p:166-172