Social market economy
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Social market economy is the German and Austrian model (pattern) of economy. It is called soziale Marktwirtschaft in German. It is not to be confused with socialist market economy which is the economic model for the People's Republic of China.
Under Konrad Adenauer's administration as chancellor of West Germany, Ludwig Erhard helped create the social market model. It has the following aims: high growth rate, low inflation, low unemployment rate, good work conditions, and welfare. It tries to maintain balance among these elements.