Social market economy
What Social market economy means in History A-Level, as defined for Pearson Edexcel.
Definitions of Social market economy
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Reference: Pearson Edexcel
A system combining free-market competition with social welfare, which aided economic recovery in 1945–55.
Associated with Erhard, it underpinned consolidation in the Federal Republic of Germany, 1949–65.
Topics that use Social market economy
- Economic development and policies, 1918–89 (Pearson Edexcel A-Level)
- Political and governmental change, 1918–89 (Pearson Edexcel A-Level)
Related terms
- Basic Law (Grundgesetz)
- Central planning and targets
- Democracy and dictatorship
- Depression and state intervention
- Economic crisis and recovery
- Economic crisis and stabilisation
- Economic miracle
- European integration
Using Social market economy in the exam
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