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social market economy

Syllabification: so·cial mar·ket e·con·o·my
(also social market)

Definition of social market economy in English:

noun

An economic system based on a free market operated in conjunction with state provision for those unable to sell their labor, such as people who are elderly or unemployed.
Example sentences
  • They often object to the community ethic that underpins the social market economy, preferring a more individualistic approach to society.
  • And in Germany we have a certain culture, a social market economy.
  • The social market economy, which we embrace, is based on these principles.

Definition of social market economy in:

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