Social Market Economy in the context of the euro-crisis and as a feasible policy option

Autores
Resico, Marcelo Fernando; Solari, Stefano
Año de publicación
2015
Idioma
inglés
Tipo de recurso
documento de conferencia
Estado
versión publicada
Descripción
Fil: Resico, Marcelo Fernando. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Departamento de Investigación Francisco Valsecchi; Argentina
Fil: Solari, Stefano. University of Padua; Italia
Abstract: The specific model of growth of the German economy has some guiding theoretical principle in Soziale Marktwirtschaft (SMW) (Mueller-Armack, 1956). Although SMW was conceived in the context and with a particular attention to European integration, the present crisis has highlighted how it is difficult to integrate the German economy to the rest of the Europe. The expansionary and deficit-spending-pull policies of the other countries, particularly the “Latin”, tend to be difficult to convert into the stability-shaped configuration of Germany. This fact is causing some worry to those who considered the framework of the SMW as a valuable and viable model of economy. The first part of the paper considers in which extent the present German economy can be assimilated to the framework of the SMW. In particular, we discuss three points: 1. how much abandoning income policies, i.e. the policy of blocking salary growth negotiated with trade unions (1999-2011) can be in harmony with SMW; 2. How over-evaluated currency as the euro/dollar at 1,40 can be considered a strong currency in line with SMW; 3. In which case a fiscal stimulus is needed and how it should be performed. The second part of the paper, therefore, looks at the epistemological dimension of the SMW to highlight the fundamental principles that should inform a reform policy in this direction. Moreover, we will discuss how to transform such principles in a set of policies that fit different contexts. The actual issue is that most of the points listed by Mueller-Armack as the fundamental elements of SMW tend to be context specific. As a consequence, a broader perspective on the spirit and history of SMW should be considered, extending the insights to Wilhelm Röpke and other scholars, singling out the true objectives from the instrumental ones. Finally the paper will discuss the exportability of SMW in two specific contexts: in Italy and in Argentina. It will find a relation between the structure of the economy and the reforms needed to achieve such kind of economic order. The result will be contrasted with other competing theories.
Fuente
27th European Association for Evolutionary Political Economy Annual Conference "A New Role for the Financial System”: 17-19 de septiembre. Génova: Universidad de Génova, 2015
Materia
ECONOMIA SOCIAL DE MERCADO
UNION EUROPEA
Argentina
Italia
POLITICA ECONOMICA
Nivel de accesibilidad
acceso abierto
Condiciones de uso
https://creativecommons.org/licenses/by-nc-sa/4.0/
Repositorio
Repositorio Institucional (UCA)
Institución
Pontificia Universidad Católica Argentina
OAI Identificador
oai:ucacris:123456789/14635

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network_name_str Repositorio Institucional (UCA)
spelling Social Market Economy in the context of the euro-crisis and as a feasible policy optionResico, Marcelo FernandoSolari, StefanoECONOMIA SOCIAL DE MERCADOUNION EUROPEAArgentinaItaliaPOLITICA ECONOMICAFil: Resico, Marcelo Fernando. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Departamento de Investigación Francisco Valsecchi; ArgentinaFil: Solari, Stefano. University of Padua; ItaliaAbstract: The specific model of growth of the German economy has some guiding theoretical principle in Soziale Marktwirtschaft (SMW) (Mueller-Armack, 1956). Although SMW was conceived in the context and with a particular attention to European integration, the present crisis has highlighted how it is difficult to integrate the German economy to the rest of the Europe. The expansionary and deficit-spending-pull policies of the other countries, particularly the “Latin”, tend to be difficult to convert into the stability-shaped configuration of Germany. This fact is causing some worry to those who considered the framework of the SMW as a valuable and viable model of economy. The first part of the paper considers in which extent the present German economy can be assimilated to the framework of the SMW. In particular, we discuss three points: 1. how much abandoning income policies, i.e. the policy of blocking salary growth negotiated with trade unions (1999-2011) can be in harmony with SMW; 2. How over-evaluated currency as the euro/dollar at 1,40 can be considered a strong currency in line with SMW; 3. In which case a fiscal stimulus is needed and how it should be performed. The second part of the paper, therefore, looks at the epistemological dimension of the SMW to highlight the fundamental principles that should inform a reform policy in this direction. Moreover, we will discuss how to transform such principles in a set of policies that fit different contexts. The actual issue is that most of the points listed by Mueller-Armack as the fundamental elements of SMW tend to be context specific. As a consequence, a broader perspective on the spirit and history of SMW should be considered, extending the insights to Wilhelm Röpke and other scholars, singling out the true objectives from the instrumental ones. Finally the paper will discuss the exportability of SMW in two specific contexts: in Italy and in Argentina. It will find a relation between the structure of the economy and the reforms needed to achieve such kind of economic order. The result will be contrasted with other competing theories.2015info:eu-repo/semantics/conferenceObjectinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_5794info:ar-repo/semantics/documentoDeConferenciaapplication/pdfhttps://repositorio.uca.edu.ar/handle/123456789/14635Resico, M.F., Solari, S. Social Market Economy in the context of the euro-crisis and as a feasible policy option [en línea]. En: 27th European Association for Evolutionary Political Economy Annual Conference "A New Role for the Financial System”: 17-19 de septiembre. Génova: Universidad de Génova, 2015 Disponible en: https://repositorio.uca.edu.ar/handle/123456789/1463527th European Association for Evolutionary Political Economy Annual Conference "A New Role for the Financial System”: 17-19 de septiembre. Génova: Universidad de Génova, 2015reponame:Repositorio Institucional (UCA)instname:Pontificia Universidad Católica Argentinaenginfo:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/4.0/2025-07-03T10:58:43Zoai:ucacris:123456789/14635instacron:UCAInstitucionalhttps://repositorio.uca.edu.ar/Universidad privadaNo correspondehttps://repositorio.uca.edu.ar/oaiclaudia_fernandez@uca.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:25852025-07-03 10:58:43.882Repositorio Institucional (UCA) - Pontificia Universidad Católica Argentinafalse
dc.title.none.fl_str_mv Social Market Economy in the context of the euro-crisis and as a feasible policy option
title Social Market Economy in the context of the euro-crisis and as a feasible policy option
spellingShingle Social Market Economy in the context of the euro-crisis and as a feasible policy option
Resico, Marcelo Fernando
ECONOMIA SOCIAL DE MERCADO
UNION EUROPEA
Argentina
Italia
POLITICA ECONOMICA
title_short Social Market Economy in the context of the euro-crisis and as a feasible policy option
title_full Social Market Economy in the context of the euro-crisis and as a feasible policy option
title_fullStr Social Market Economy in the context of the euro-crisis and as a feasible policy option
title_full_unstemmed Social Market Economy in the context of the euro-crisis and as a feasible policy option
title_sort Social Market Economy in the context of the euro-crisis and as a feasible policy option
dc.creator.none.fl_str_mv Resico, Marcelo Fernando
Solari, Stefano
author Resico, Marcelo Fernando
author_facet Resico, Marcelo Fernando
Solari, Stefano
author_role author
author2 Solari, Stefano
author2_role author
dc.subject.none.fl_str_mv ECONOMIA SOCIAL DE MERCADO
UNION EUROPEA
Argentina
Italia
POLITICA ECONOMICA
topic ECONOMIA SOCIAL DE MERCADO
UNION EUROPEA
Argentina
Italia
POLITICA ECONOMICA
dc.description.none.fl_txt_mv Fil: Resico, Marcelo Fernando. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Departamento de Investigación Francisco Valsecchi; Argentina
Fil: Solari, Stefano. University of Padua; Italia
Abstract: The specific model of growth of the German economy has some guiding theoretical principle in Soziale Marktwirtschaft (SMW) (Mueller-Armack, 1956). Although SMW was conceived in the context and with a particular attention to European integration, the present crisis has highlighted how it is difficult to integrate the German economy to the rest of the Europe. The expansionary and deficit-spending-pull policies of the other countries, particularly the “Latin”, tend to be difficult to convert into the stability-shaped configuration of Germany. This fact is causing some worry to those who considered the framework of the SMW as a valuable and viable model of economy. The first part of the paper considers in which extent the present German economy can be assimilated to the framework of the SMW. In particular, we discuss three points: 1. how much abandoning income policies, i.e. the policy of blocking salary growth negotiated with trade unions (1999-2011) can be in harmony with SMW; 2. How over-evaluated currency as the euro/dollar at 1,40 can be considered a strong currency in line with SMW; 3. In which case a fiscal stimulus is needed and how it should be performed. The second part of the paper, therefore, looks at the epistemological dimension of the SMW to highlight the fundamental principles that should inform a reform policy in this direction. Moreover, we will discuss how to transform such principles in a set of policies that fit different contexts. The actual issue is that most of the points listed by Mueller-Armack as the fundamental elements of SMW tend to be context specific. As a consequence, a broader perspective on the spirit and history of SMW should be considered, extending the insights to Wilhelm Röpke and other scholars, singling out the true objectives from the instrumental ones. Finally the paper will discuss the exportability of SMW in two specific contexts: in Italy and in Argentina. It will find a relation between the structure of the economy and the reforms needed to achieve such kind of economic order. The result will be contrasted with other competing theories.
description Fil: Resico, Marcelo Fernando. Pontificia Universidad Católica Argentina. Facultad de Ciencias Económicas. Departamento de Investigación Francisco Valsecchi; Argentina
publishDate 2015
dc.date.none.fl_str_mv 2015
dc.type.none.fl_str_mv info:eu-repo/semantics/conferenceObject
info:eu-repo/semantics/publishedVersion
http://purl.org/coar/resource_type/c_5794
info:ar-repo/semantics/documentoDeConferencia
format conferenceObject
status_str publishedVersion
dc.identifier.none.fl_str_mv https://repositorio.uca.edu.ar/handle/123456789/14635
Resico, M.F., Solari, S. Social Market Economy in the context of the euro-crisis and as a feasible policy option [en línea]. En: 27th European Association for Evolutionary Political Economy Annual Conference "A New Role for the Financial System”: 17-19 de septiembre. Génova: Universidad de Génova, 2015 Disponible en: https://repositorio.uca.edu.ar/handle/123456789/14635
url https://repositorio.uca.edu.ar/handle/123456789/14635
identifier_str_mv Resico, M.F., Solari, S. Social Market Economy in the context of the euro-crisis and as a feasible policy option [en línea]. En: 27th European Association for Evolutionary Political Economy Annual Conference "A New Role for the Financial System”: 17-19 de septiembre. Génova: Universidad de Génova, 2015 Disponible en: https://repositorio.uca.edu.ar/handle/123456789/14635
dc.language.none.fl_str_mv eng
language eng
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by-nc-sa/4.0/
eu_rights_str_mv openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by-nc-sa/4.0/
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv 27th European Association for Evolutionary Political Economy Annual Conference "A New Role for the Financial System”: 17-19 de septiembre. Génova: Universidad de Génova, 2015
reponame:Repositorio Institucional (UCA)
instname:Pontificia Universidad Católica Argentina
reponame_str Repositorio Institucional (UCA)
collection Repositorio Institucional (UCA)
instname_str Pontificia Universidad Católica Argentina
repository.name.fl_str_mv Repositorio Institucional (UCA) - Pontificia Universidad Católica Argentina
repository.mail.fl_str_mv claudia_fernandez@uca.edu.ar
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