Social market economy: Meaning (information, definition, explanation, facts)

Social market economy is the German 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.

It has the following aims: high growth rate, low inflation, low unemployment rate, good work conditions, and welfare. It tries to make a nice balance among these elements.