Abstract
Since the currency reform of 1948, the economic policy of the Federal Republic has been conducted under the banner of the ‘social market economy’. This term has since been used to describe the overall conception of economic policy developed primarily by the then Federal Minister for Economic Affairs, Ludwig Erhard. In 1949 the guiding principles of the Christian Democratic Union (CDU) as laid down in Dusseldorf brought the term to public attention. Since then it has become the foundation of the politico-economic programme of the coalition parties in the first and second Federal Parliaments.
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