Social Market Economy

The Social Market Economy is an economic system that combines free-market capitalism with social policies aimed at promoting fairness and social well-being. It encourages private enterprise and competition but also supports government intervention to reduce income inequality, ensure workers’ rights, and provide social services like healthcare and education. The goal is to create an efficient economy that benefits all members of society, balancing individual freedoms with social responsibility. This approach aims for sustainable growth while maintaining social cohesion and a high standard of living.