page_title: Ordoliberalism
section_title: Implementation
hierarchical_section_title: Ordoliberalism / Implementation
caption_attribution_description: For documentary purposes the German Federal Archive often retained the original image captions, which may be erroneous, biased, obsolete or politically extreme. 5.1.1956 Bundeskanzler Konrad Adenauer liest interessiert in dem Buch, das ihm Bundes-Wirtschaftsminister Prof. Erhard als Geburtstagsgeschenk überreichte.
context_page_description: Ordoliberalism is the German variant of economic liberalism that emphasizes the need for the state to ensure that the free market produces results close to its theoretical potential.
  Ordoliberal ideals became the foundation of the creation of the post-World War II German social market economy and its attendant Wirtschaftswunder.
  The term "ordoliberalism" was coined in 1950 by Hero Moeller, and refers to the academic journal ORDO.
context_section_description: Ordoliberalism was a major influence on the economic model developed in post-war West Germany. Ordoliberalism in Germany became known as the social market economy. 
  The Ordoliberal model implemented in Germany was started under the government administration of Konrad Adenauer. His government's Minister of Economics, Ludwig Erhard, was a known Ordoliberal and adherent of the Freiburg School. Under Adenauer, some, but not all, price controls were lifted, and taxes on small businesses and corporations were lowered. Furthermore, social security and pensions were increased to provide a social base income. Ordoliberals have stated that these policies led to the Wirtschaftswunder, or economic miracle.
caption: Ludwig Erhard with Konrad Adenauer in 1956, while Erhard was Minister of Economics.
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