The notion of social market economy: what is new in social science approach?

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Abstract

The article deals with the issues of the definition and the notion of social market economy. What can be called the social market economy? When and where social market economy emerged? Who are the founders of social market economy? How the social market economy is related to the concepts of New Public Management and New Governance? These are the main focus questions that this article discusses. The author also poses the question on the significance of social justice in the context of social market economy and gives the summarized answer. The article clearly places the concept of social market economy and its realization between totalitarian communist and free market economy as the middle road between two polar systems. In the world of 21-st century, the understanding of social justice, “social quality” and New Governance is essential both in theory and practice of social market economy.
Original languageEnglish
Pages (from-to)43-50
JournalTiltai: socialiniai mokslai
Volume57
Issue number4
Publication statusPublished - 2011

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Keywords

  • Social market economy
  • Free marcet economy
  • Welfare state

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