Local dimension of the social market economy

Maciej Gurbała

DOI: lack

Vol no: 14

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The social market economy is most often understood as the equivalent of a socialist economy or redistributive social policies. It is also sometimes erroneously defined as synonymous with state interventionism. Meanwhile, the concept of a social market economy is a liberal concept, with its origins in pre-war ordoliberal theory. A social market economy is an equilibrium model that reconciles the coexistence of economic and social interests (economic efficiency versus social justice).