• A social market economy: instigated in former West Germany after 1945 which established a principle of intervention in and regulation of the economy in order to encourage and facilitate freedom of competition, free access to markets, freedom of investment and freedom of consumption, including the provision of redistribution of the market income (GDP) through progressive income tax and socio-political measures to safeguard the survival of weaker economic entities and protect natural resources. This includes obviating concentrations of power which are uncontrolled by competition, provision of a welfare state and principles of social justice to balance social disparities

(Blum, 1994).