A Symbiosis with Reserve: Social Market Economy and Legal Order in Germany

From the viewpoint of economy and economics, it is possible to characterize one or another country by certain economic models or visions or concepts. In the case of the Federal Republic of Germany, nobody will question the fact that the term ‘Social Market Economy’ would play the part of such a characteristic concept. We can also speak of a trade mark, as it were, of a quality label under which German history in the second half of our century could be studied and analyzed. Of course, no conception may escape criticism and disapproval, and therefore Social Market Economy has also been rejected for various reasons again and again. However, the majority among politicians and economists, and the majority of the population, to judge from the results of parliamentary elections, approve and support Social Market Economy, considering it even as an essential contribution to the legitimacy of their political system. It is therefore worthwhile to have a look at the concept of Social Market Economy and to review a few phases of its history.