Definition of social market economy in English:

social market economy

(also social market)

noun

  • An economic system based on a free market operated in conjunction with state provision for those unable to work, such as elderly or unemployed people.

    • ‘They often object to the community ethic that underpins the social market economy, preferring a more individualistic approach to society.’
    • ‘Among these suggestions was the establishment of a social market economy - the kind that has existed in Western Europe for decades.’
    • ‘Since 1999, we have been shifting back towards a rational version of the social market economy.’
    • ‘It was conducted in social markets - markets that were embedded in society and subject to many kinds of regulation and restraint.’
    • ‘Moreover, the post-war economic recovery seemed to back the claim that the social market economy was a successful alternative to socialism.’
    • ‘Whether this constitutes a transformation of nineteenth-century contract law to the standards of the social market is a source of debate.’
    • ‘Schröder declared that it was necessary ‘to adapt the social market economy to the completely changed conditions of a globalised economy via the reforms introduced by the government.’’
    • ‘The social market economy can be contrasted with the free market economy.’
    • ‘Austria has a well-developed social market economy with a high standard of living in which the government has played an important role.’
    • ‘In the 1930s through the 1950s the belief became popular that capitalism could only survive in an amputated way, in the form of a mixed economy or as a social market economy.’
    • ‘But if this theory allows the use of government force to break up or limit monopoly power, by the same token it takes a very grim view of any state barriers to entry into various economic or social markets.’
    • ‘And in Germany we have a certain culture, a social market economy.’
    • ‘Specific issues to be discussed include the challenges faced by the European Left, and the transition to a social market economy.’
    • ‘The social market economy, which we embrace, is based on these principles.’
    • ‘Post-war West Germany constructed a particularly successful form of capitalism that went under the title of the social market economy.’
    • ‘But there's no doubt the social market will be opened up to much greater competition from a variety of providers.’