(also social market)
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.
More 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:
- The British & World English dictionary