Erhard, Ludwig

Ludwig Erhard was a German economist and politician best known for guiding West Germany's post-World War II economic recovery. As Minister of Economics and later Chancellor, he promoted free-market policies, reducing government control, which led to rapid economic growth and improved living standards. His approach, called the "social market economy," balanced free enterprise with social welfare, fostering prosperity while ensuring social fairness. Erhard's policies laid the foundation for Germany's modern economy and are credited with transforming West Germany into a prosperous nation during the Cold War era.