Germany after World War II: Ordoliberalism, the Social Market Economy and Keynesianism
Journal title HISTORY OF ECONOMIC THOUGHT AND POLICY
Author/s Harald Hagemann
Publishing Year 2013 Issue 2013/1
Language English Pages 15 P. 37-51 File size 97 KB
DOI 10.3280/SPE2013-001003
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The post-1945 development of economics in Germany is characterized by important similarities as well as by some considerable differences compared to other European countries. The strong growth of international trade was accompanied by an increasing internationalization of economics that was simultaneously for a greater part a process of Americanization. The historically unmatched growth from 1950 to the early 1970s was associated by the growth of economics as an academic discipline and an increasing "economization" of public life. German economics also ran through the rise and fall of Keynesianism as well as a switch to monetarist ideas and supply-side policies in the mid- 1970s after the first oil price shock. On the other hand, some special factors exist which distinguish the German case from the development of economics elsewhere.The paper illustrates the relationship between the political and the economic sphere in Germany after WWII
Keywords: Freiburg School, Keynesianism, Ordoliberalism, Social Market Economy
Jel codes: A11, B29
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Harald Hagemann, Germany after World War II: Ordoliberalism, the Social Market Economy and Keynesianism in "HISTORY OF ECONOMIC THOUGHT AND POLICY" 1/2013, pp 37-51, DOI: 10.3280/SPE2013-001003