Social market economy - what does it really mean?

The social market economy is one of the most successful economic and social models that has ever existed. It makes it possible to combine economic growth with social cohesion. The promise made in Ludwig Erhard's programme "Prosperity through Competition" has largely come true. In order to be able to fulfil this promise in the future, it is worth constantly reminding ourselves of the central elements of the social market economy. These include private property, competition, price stability and a fair distribution of income and wealth.