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Social market economy
The
social market economy
is a social and economic system combining
free market
capitalism
which supports private enterprise, alongside
social policies
which establish both fair competition within the market and a
welfare state
. It is sometimes classified as a
coordinated market economy
. The social market economy was originally promoted and implemented in
West Germany
by the
Christian Democratic Union
(CDU) under
Chancellor
Konrad Adenauer
in 1949. Its origins can be traced to the interwar
Freiburg school
of economic thought.
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