Saturday, November 16, 2013

Social Market Economy-Legal Basis

Book name: Environment friendly economy, Social Market Economy
Written by: Md. Jamal Hossain Buian, Member, Christian Democratic Union of Germany, CDU
The term "social market economy" was never specifically named in Germany's constitution as the country's
economic system, because the constitution does not contain a separate section on the economy. Nevertheless, central elements in Germany's legal system-including its basic rights, the freedom of association and contractual freedom and the freedom to choose a profession and place of employment-lay the foundations for the social market economy and exclude extremes such as a centrally planned economy or an unfettered market economy. In May 1990, the Treaty establishing a Monetary , Economic and Social Union between the Federal Republic of Germany and the former German Democratic Republic set forth law the social market economy constitutes Germany's common economic order.

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