Online Publication

June 2013 AUTHOR: MARCELO RESICO BRAZIL

A debate on models of and the Social

With the ’s downfall, during the lapse of a speculative bubble in the mort- 1990s and early 2000s, a world was re- gage markets, led to what became known vealed that could be defined as unipolar, in as the international economy’s “great reces- which an extreme definition of the free sion,” making clear the deficiencies of a market took shape – the idea of an entirely model based on a “deregulated market.” self- and hence of an eco- Under this paradigm, the economy’s regula- nomic policy based on – and tions were seriously slackened, in particular confidence on the automatic progression of in connection with financial markets and western-style .1 upholding , concentration of and ensued and a financial The international financial and economic cri- system was created, vulnerable to recurring sis launched in 2007-2008, in good measure and systemic crises.2 As a result, we cur- led to discarding this vision with regard to rently see the social situation being de- automatic social movements in history. The graded, in particular in the developed world, financial crisis, closely related to the col- with a weakening of civic and democratic values in a number of countries.

This article is a re-written version of my lec- ture “Models of capitalism and responsibil- In addition, these events have brought to ity for a new world order” held at the Inter- light a long-term process of the re- national Conference “Latin America in the appearance of a multi-polar world in which light of different global crisis exit scenar- there is competition by national or social- ios,” organized by the Colmex CEI in Feb- ruary 2012.

2 See Marcelo Resico, (2002) “Crisis en la nueva economía”, Revista Valores, FCSE- 1 The End of History and the Last Man by UCA, December, No. 55; and “La crisis fi- Francis Fukuyama (Planeta, Mexico, 1992) nanciera y el debate sobre las regulaciones,” promoted this vision. El Economista newspaper, October 3, 2008.

Konrad-Adenauer-Stiftung e. V. 2

ONLINE PUBLICATION cultural models of capitalism. The models of economy over an indefinite term.3 Leaders JUNE 2013 capitalism result from combinations of eco- in several countries are pragmatically ven-

nomic policies, a certain set of institutions turing into a new model: “,” www.kas.de/brasilien/en/ and a given social-cultural setup. In addi- which is believed by some to be able to help tion, these structures apply to reality in the in overcoming the financial crisis, and “de- framework of a strategic plan, usually at the regulated markets,” ensuring economic national level, which attempt to adapt the growth. In other countries, an intermediate mentioned components to a situation in the situation is in place, expectations. In the economic backdrop and geo-politics in the light of these trends that have been taking short and medium terms. shape, it appears to us that the discussion will be defined from here onwards on eco- nomic systems and their concurrent polices.

The ongoing international economic crisis has broadly signaled the need for restoring the state’s intervention in the economy, On the other hand, it will be perceived that which has occurred in a large majority of the international system at a global level is countries to a greater or lesser degree, (in- in danger, not only owing to the economic cluding policies such as in support of finan- effects created by the crisis, but also due to cial institutions and by means of the various views of how it should be organ- state participation, insur- ized based on opposing models of - ance and social policies, and a rise in public ism. Changes in the balance of economic expenditures in infrastructure projects, and political power, as reflected in the pro- among others). In addition, a discussion gress by the G-7 to today’s G-20, lead us to arose in connection with restating national assume that this topic is unavoidable in or- as well as international institu- der to decide what form the new interna- tions. Anti-cyclical policies for greater state tional architecture should acquire.4 intervention in the economy abated the more extreme effects by the crisis, yet the This paper’s central theme is that there is a “end of the tunnel” is not yet in view, and at third alternative between “deregulated mar- the time of this writing the likelihood still ket capitalism” and “state capitalism:” the persists of a double recession, that is to “social ,” which may result say, in the form of a “W.” in an adequate response to national chal- lenges, such as a contribution to restore the international system.

On the other hand, currently several man- ners have begun to be felt of viewing state intervention in the economy. In the greater portion of the developed world this has been deemed a punctual and exceptional intervention, intended to recover the private

sector economy, which is looked on as the primary driver of growth. In a number of 3 Ian Bremmer, (2009). “State Capitalism emerging countries, intervention gives way Comes of Age”, Foreign Affairs, May/Jun, to a new model whereby state intervention Vol. 88, Issue 3. indicates that the state will manage the 4 Bremmer, I., Roubini, N., (2011). “A G- Zero World”, Foreign Affairs, Mar/Apr, Vol. 90, Issue 2.

Konrad-Adenauer-Stiftung e. V. 3

ONLINE PUBLICATION II. State capitalism and its limits better conditions and rely on state funding. JUNE 2013 Nonetheless, government employs selected

private companies known as “national www.kas.de/brasilien/en/ champions” to dominate key sectors.6 State State capitalism is a system whereby the companies or those controlled by the state government holds the role of dominant eco- usually enjoy a predominant position in the nomic player and employs markets basically domestic economy and in export markets. for its political benefit. To this end, it may combine political authoritarianism with state control of key segments in the economy. Governments that practice “state capital- Public financial funds are geared to obtain ism” are aware that following the experi- strict control of the most relevant invest- ence of Soviet , sustaining eco- ment projects by means of the weight of nomic growth is essential to preserve the long-term funding by the state. The latter in monopoly of political power. turn has access to capital by means of for- eign currency reserves amassed by virtue of exports, taking over revenues from natural resources and those arising from large con- The economy in these countries may theo- trolled companies. Motivations behind in- retically preserve and a vestment decisions are political as well as pragmatic liberal attitude towards foreign economic. trade, but at the service of the state and of their leaders. Government employs state companies or those controlled by the state, as well as other social players (trade unions Government controls the economy while in and social movements, as occurs in Latin a capitalist role (as defined by ) by America), in order to implement its policies. taking over surpluses from private enter- In state capitalism, success in will prise for their subsequent investment. This depend on close relations between busi- “taking over surpluses” policy requires a nessmen and political officials. While enforc- productive system that is able to create ing a policy of broadening the state’s activi- wealth. Under the circumstances, the best ties and attributions, further opportunities strategy is not maximizing short-term re- are provided to condition economic and so- turns, but stimulating the productive system cial players. as much as possible, in line with the preser- vation of a predominant position in the sys- tem.

According analysts of these events, state capitalism relies on three key players, state- owned companies (oil companies, and oth- The cultural traits of Latin America ensure ers in relevant industries), allied private that our predominant form of “state capital- domestic and public financial ism” has the shades of a personalistic or funds.5 The major state companies are usu- charismatic authoritarianism, in addition to ally monopolies in their industries, enjoy

6 Large private companies depend on state 5 Adapted from Ian Bremmer, (2008). “The sponsorship in the form of legal restrictions Return of State Capitalism”, Survival, vol. in order to eliminate competition, differenti- 50, no. 3, June–July, pp. 55–64, who names ated access to government contracts, subsi- 4. dies, long-term funding for investments, etc.

Konrad-Adenauer-Stiftung e. V. 4

ONLINE PUBLICATION the demagoguery of a state that shares re- ruption becomes greater as the state grows JUNE 2013 sources in order to win elections and capti- larger, giving rise to degradation of public

vate sympathizers. This policy is asserted in administration itself, of public services and www.kas.de/brasilien/en/ a number of the region’s countries based on infrastructure. With time, the state capitalist the abundance of natural resources that system erodes.7 currently enjoy very favorable international prices. Nonetheless this arrangement dilapi- dates valuable resources invested under questionable economic thinking and poorly On the other hand, making a political issue devised policies, with no interest in motivat- of economic relations leads to a mismatch in ing self-reliance and independence of the interests, expressed by constant and rising persons that are being assisted. Its out- tension. Taking over surpluses confirms the come will depend on sustaining the interna- “zero sum” logic whereby a person or group tional conditions that provide it with support gains at the expense of another, encourag- (international prices) and that the level of ing intensified conflicts among them. This is inefficiency and contradictions created are how tension is produced within the domi- not fully perceived by the population. nant class or between the dominant class itself and the rest of society.8 Finally, the model that contains growing contradictions becomes inherently unstable over time. From a more general viewpoint, state capi- talism as such is a system with many limita- tions that increase with time. Economic de- cisions made by politicians and bureaucrats III. Alternative current-day economic add inefficiencies and make the economy organization systems less competitive, efficient and productive. Greater administration expenditures, ineffi- ciency and increasing public corruption add costs to market activities. The mix of gov- “Deregulated market” capitalism has led to ernment business annuls competition, be- the current “great recession” due to eco- sides the fact that state capitalism – simi- nomic concentration, occupation of regulat- larly to the “deregulated market” model – ing agencies by interest groups and unwise does not abide by anti-monopoly laws. Dis- deregulation, which brought about subse- tortions in competition such as unbalances, quent financial instability. Nonetheless its misalignments, bottlenecks, etc., lead to a current replacement by state capitalist sys- poor allocation of funds, which under state tems only served to stress these deficien- capitalism usually implies new interventions cies, creating an inefficient and concen- and the creation of a vicious circle. trated economy in addition to social sys- tems that are progressively authoritarian and opposed to participation by the citi-

Companies that maximize political aims are

usually not innovative or productive, as po- litical criteria often obstruct efficiency and 7 Walter E. Grinder, John Hagel III, “To- . Investments made based ward a Theory of State Capitalism: Ultimate on political considerations do not comply Decision-Making and Class Structure”, with economic criteria and place at risk Journal of Libertarian Studies, Vr.1. I. No. growth by the very companies that they I, pp. 59-79. benefit. However, official credit to reduce risks is provided to large corporations yet 8 Ibid. gets nowhere near small companies. Cor-

Konrad-Adenauer-Stiftung e. V. 5

ONLINE PUBLICATION zenry, which increases encouragement for IV. The as a JUNE 2013 corruption. “regulating” system www.kas.de/brasilien/en/

Though in recent decades serious abuse has The social market economy is a system been perpetrated on behalf of decentralized based on a free economy, which cannot be market capitalist systems, which to a large considered without the concurrent existence degree has weakened the vigor and controls of a solid institutional landmark to regulate of a democracy under the rule of law, these it, and emphasis on socializing fairly the forms of organization, continue to be, when outcome of throughout the economy is provided with a social func- society, in the form of social policies to en- tion and a solid institutional landmark is es- courage self-reliance by the people and tablished, restoring an active civil role, a communities. The institutional landmark in system able to avoid abuse, creating lawful- this system is based on the rules of a mar- ness and economic growth. Even when de- ket economy, prevention of concentration of mocratic governments are not immune to economic power or encouragement of com- the components of state capitalism, institu- petition, market in order to avoid tionalized and participative democracy with conduct in violation of justice and a fair its rule of law, alternation of power, an ac- competition system, and standards for the tive civil society, a pluralist and free press use of macro-economic policies that make and other controls over power, whenever room for their prudential use in case of ex- supported by consensus for effectiveness, ceptional situations such as the current cri- make it difficult for them to thrive. sis. The array has been de- signed in a “subsidiary” function in support of self-assistance, and based on the en- couragement and strengthening of civil so- An example of this kind of system is what ciety, with a state that will intervene in has been named Social Market Economy, a those cases in which these actions are in- third alternative between the “deregulated sufficient. This social-economic model is in- market economy” that recently collapsed, trinsically complemented by a participative and the “state capitalism” currently in the democracy political system based on ac- upswing.9 knowledgement of individual and social rights, with alternating governments and the division of authorities in order to ensure them.10

The SME arose from the search for a new 9 SME is a complete economic theory and a medium and long-term economic and insti- proved manner for organizing the real economy. tutional landmark capable of being explicit, This viewpoint was developed in and respected and stable, as a basis for organiz- applied successfully following World War II. Its ing an . The different play- results influenced similar solutions in neighbor- ing countries at that time. It also contributed to the reunified Germany in 1989. It also influenced considerably the economic system adopted by the 10 Resico Marcelo, (2011). Introducción a European Union as well as by emerging countries la Economía Social de mercado. Latin and other developing nations, including in Latin American edition, Rio de Janeiro, SOPLA- America. KAS.

Konrad-Adenauer-Stiftung e. V. 6

ONLINE PUBLICATION ers in the economy, such as consumers, in- represent this concept work in a summary JUNE 2013 vestors, savers, trade unions and business- of the liberal, political and economic tradi-

men, require a clear and reliable reference tion in connection with “individual rights,” www.kas.de/brasilien/en/ point in the medium and long run in order “republicanism” and the “market,” with the to make decisions. This concept is known tradition of a social and Christian mentality from the viewpoint of the SME: the “econ- that emphasizes “human dignity”, “social omy’s regulating system.” justice” and “.”

The Social Market Economy is based on In order to place the social and political principles described to this point in a con- market organization as the best system for crete economic reality, the Social Market allocating resources, and attempts to cor- Economy is based on a number of economic rect and provide institutional, ethic and so- principles derived from the former. Their first list is due to the contribution by cial conditions for its efficient and fair op- economist , one of the erations. When required, it will not refrain leaders, who rated them in from offsetting or correcting likely excesses two groups: the so-called “structural princi- ples" that are dedicated to ensure an envi- or mismatches that may be reflected by a ronment of , and the modern economic system based on free “regulating principles,“ which are those that markets, marked by a detailed and exten- prevent likely abuse of this freedom and en- sure that the benefits created in the market sive division of labor and that in certain will spread out in a socially fair manner.12 segments and under certain circumstances, may be distant from fair and effective com- Structural principles imply the development of a market economy, which when correctly petition. This definition of the SME as a so- devised will provide the system with the cial and economic model arises from the most efficient stamina for production and ideas developed by Alfred Müller-Armack, economic organization. With regard to regu- lating principles, they have to do with the who created the concept as an open idea institutional landmark and the economic and not a closed theory.11 policy under the state, and are those re- quired by a market economy to provide the benefits of its high productivity to serve so- ciety as a whole.

The SME system arose from the conscious intention of detailing the social market This complete set of economic principles as- economy’s advantages: development of in- sumes the existence, in contrast with ex- treme economic and authoritarian dividual initiative, productivity, efficiency, state control, of a “strong and limited” trend for self-regulation, with basic contri- state. “Strong” in the sense of driving and butions found in the social tradition of soli- applying the principles set forth and also penalizing persons or pressure groups that darity and cooperation, based on fairness intend to undermine them by imposing their and justice in a given society. Those that personal interests, and “limited” in order not to exceed its functions beyond the prin- ciples set forth, whether in the project or in

11 In his 1946 work Wirtschaftslenkung und Marktwirtschaft (Economic Guidance and the 12 See Eucken Walter, Fundamentos de Market Economy), Based on the article “The So- Política Económica (Grundlagen der cial Market Economy, Introduction” by Friedrun Wirtschaftspolitik), Rialp, Madrid, 1956; Quaas, in Hasse Rolf H., Schneider Hermann, and Karsten Siegfried, Eucken´s Social Weigelt Klaus (ed.), (2008). Diccionario de Market Economy and its Test in Post-War Economía Social de Mercado, Política , American Journal of Eco- Económica de la A a la Z, 3rd. Ed., Buenos Ai- nomics and Sociology, Vol. 44, No. 2, April res, Stiftung. 1985.

Konrad-Adenauer-Stiftung e. V. 7

ONLINE PUBLICATION its application. Nonetheless, this state’s op- Besides being a sustainable exit solution, JUNE 2013 eration cannot be conceived from the view- the Social Market Economy model may be a point of , that is to say, in com- plete agreement with the delegation of relevant reference landmark as a contribu- www.kas.de/brasilien/en/ functions and development of individual or tion for reorganizing the international sys- organized civil participation. tem. The international system is under a

serious threat, not only owing to the eco- nomic effects created by the crisis, but also Currently in Latin America there are exam- owing to the basic dissent on the shape to ples of histories of countries based on a be given to the reorganization, due to op- strengthening of institutions and the rule of posing models of capitalism and jointly with law, with a market-based economy that the of the institutions that compose made it possible to improve social indica- them. tors. This is demonstrated in those coun- tries that have progressed more in the re-

gion regarding their economic and social indicators.13 Despite this, state capitalism The global economy has always needed seems to be on the rise in others of the re- common values and institutions, in addition gion’s countries, in response to the collapse to the leadership of certain countries that of the “self-regulated market” model, a re- provided concrete requisites such as a secu- action that is already displaying its weak- rity network for markets, trade and capital nesses.14 flows.15 On the other hand, international bodies were created to solve conflicts by

means of rules voted by their members, in- stead of resorting to force. There is no V. The issue of global level economic doubt that their representation structure organization systems refers to the end of World War II, clearly a changed scenario now, weakening their ex-

pressiveness. The relative decline of US leadership as a world level provider of pub- lic assets, plus the fact that China is en- grossed in its own development and has

temporarily postponed taking on greater

13 Ffrench Davis, Ricardo, (2003). Entre el Neoliberalismo y el Crecimiento con Equi- dad, tres décadas de política económica en 15 ”Under the competitive market economic Chile, Ed. J. C. Saez.; Yañez Eugenio, system as in any other economic system, (2005). Economía Social de Mercado en economic integration cannot definitely go Chile, Mito o Realidad?, Hans Seidel further than social and political integration Stiftung, Santiago de Chile; Fontenla Mon- based on laws, institutions and psycho- tes Emilio, Guzmán Cuevas Joaquín Eds., moral forces. The latter is an essential condi- (2005). Brasil y la Economía Social de tion for the former, which makes highly du- Mercado, Ed. Cáceres, Universidad de Ex- bious that economic integration will suffice tremadura. to automatically produce the required degree of social and political integration… [Interna- 14 See the Economics graduation thesis in tional integration] is a highly sensible arti- the UCA Economics course: “Economía fact in Western civilization, with all the in- Política del Neo-Populismo de Izquierda. gredients of Christian and pre-Christian mo- Los casos de Venezuela, Bolivia y Ecua- rality in its secularized forms…” Wilhelm dor”. Gonzalo Gutiérrez de la Fuente, March Röpke, International Economic Disintegra- 2010. tion. London 1942, pg. 68.

Konrad-Adenauer-Stiftung e. V. 8

ONLINE PUBLICATION global responsibilities, jointly with the dif- Under the circumstances, the need to enter JUNE 2013 ferences between developed and emerging into agreements is clearer and clearer, with

countries, are creating a vacuum in interna- assurances to regulate the global economy www.kas.de/brasilien/en/ tional leadership. from here onwards. To this end, a landmark in common will be required defining the lim- its for state intervention with regard to in- ternational trade and environment.17 In the Changes in the balance of economic and po- current scenario, this means that United litical power, as reflected in the progress by States and China should strive to agree on the G-7 to today’s G-20, lead us to assume positions in which the role of third parties that this topic is unavoidable in order to de- will be increasingly important, which will cide what form the new international archi- require a relevant role for Europe, with its tecture should acquire. Until the mid 1990s Social Market Economy model.18 In this line the G-7 headed an international following there is also a path in international politics based on a core of values such as democ- for our region’s nations, which leaving the racy and the market economy. Attempts weaknesses of the reforms of the 1990s, do have been made currently to endow the in- not accept state capitalism but seek to en- stitution with greater representation by cre- sure economic growth jointly with the dis- ating the G-20, which includes developed tribution of social benefits in a backdrop of and outstanding emerging countries. improved institutional quality of the state Though this institution has acted in a rela- and public policies. tively coordinated manner in the face of a severe crisis, it soon began to show difficul- ties to reach a consensus owing to differ- ences in philosophy on its vision of democ- racy, government's role in the economy and the reconstruction approach for interna- References tional bodies.16

Albert Michel, (1997): “The Future of This fragility is produced precisely at a time Continental Socio-Economic Models”, Max when they are most necessary to address Planck Institut für Gesellschaftforshung, the current agenda’s topics, serious and ur- Working Paper 97/6,. gent. The decoupling of China by means of its foreign exchange as a domestic market Albert Michel and Rauf Gonenc, (1996): development strategy, the shock between “The future of Rhenish Capitalism”, The different models of capitalism and compe- Political Quarterly, Publishing Co.,. tency for obtaining funds and markets will give rise to friction. Furthermore, an in- Blum Reinhard, (2002): “Brauchen wir eine crease in trade conflicts in the light of global ‘neue Soziale Marktwirtschaft’?,” unbalances is a sign of this.

17 Lehmann Jean-Pierre and Appleton Ar- thur, (2011). “Only the Rule of Law can Prevent a US-China Conflict”, IMD, Lausanne, Switzerland, January. 16 WEF, (2012). “Global Agenda Council on Geopolitical Risk”, Davos-Klosters, 18 Takenaka Heizo, “The Chinese Mirror”, Switzerland, January 25-29. Project Syndicate, 03-02-2011.

Konrad-Adenauer-Stiftung e. V. 9

ONLINE PUBLICATION Volkswirtschaftliche Diskussionsreihe, _____, (1949): “Die Wettbewerbsordnung JUNE 2013 Beitrag Nr. 229, Institut für und ihre Verwirklichung,” Ordo, Jahrbuch

Volkswirtschaftslehre, Universität Augsburg. für die Ordnung von Wirtschaft uns www.kas.de/brasilien/en/ Gesellschaft, Bd.2. Bremmer, Ian, (2011). “On the Economy, be Careful what you Wish for”, Foreign Ffrench Davis, Ricardo, (2003). Entre el Policy, Jul/Aug, Issue 187. neoliberalismo y el crecimiento con equidad, tres décadas de política económica en Chile, _____, (2010). “Gathering Storm America Ed. J. C. Saez. and China in 2020”, World Affairs, July/August. Fontenla Montes Emilio, Guzmán Cuevas Joaquín Eds., (2005). Brasil y la Economía _____, (2009). “The End of the Free Social de Mercado, Ed. Cáceres, Universidad Market: Who wins the War between States de Extremadura. and Corporations?”, Portfolio. Foxley, Alejandro, (1997): “ _____, (2009). “State Capitalism Comes of means a larger, not a smaller, state for Age”, Foreign Affairs, May/Jun, Vol. 88, Latin America” New Perspectives Quarterly, Issue 3. Fall 97, Vol. 14, Issue 4.

_____, (2008). “The Return of State Grinder Walter E., Hagel III John, “Toward a Capitalism”, Survival, vol. 50, no. 3, June– Theory of State Capitalism: Ultimate July, pp. 55–64. Decision-Making and Class Structure”, Journal of Libertarian Studies, Vr. 1. I. No. Bremmer, I., Roubini, N., (2010). “Paradise I, pp. 59-79. Lost”, Institutional , Sep., Vol. 44, Issue 7. Hasse Rolf H., Schneider Hermann, Weigelt Klaus (ed.), (2008). Diccionario de _____, (2011). “A G-Zero World”, Foreign Economía Social de Mercado, Política Affairs, Mar/Apr, Vol. 90, Issue 2. Económica de la A a la Z, 3rd. Ed., Buenos Aires, Konrad Adenauer Stiftung. Broyer Sylvain, (1996) “The Social Market Economy: Birth of an Economic Style“, Hurtado Osvaldo, (2004): “Neoliberalismo y Wissenschafts Zentrum Berlin für Economía Social de Mercado”, Revista Sozialforschung, Discussion paper, FS I 96 – Testimonio, No. 79, Abril-Septiembre. 318. Janjigian Vahan, (2010) “Communism is Buscher Martin, (1993): “Economic Systems Dead, but State Capitalism Thrives”, Forbes. and Normative Fundaments: A Social Market Economy - in The Light of Economic Karsten Siegfried, (1985): “Eucken´s Social Ethics”, Journal of Socio-Economics, Winter Market Economy and its Test in Post-War 93, Vol. 22 Issue 4, p 311, 12p. West Germany,” American Journal of Economics and Sociology, Vol. 44, No 2, Epstein Gady, (2010). “The Winners and April. Losers in Chinese Capitalism”, Forbes. Khatri Naresh, Tsang Eric W. K., Begley Eucken Walter, (1948): El problema político Thomas M., (2006). “Cronyism: A Cross- de la ordenación, (Das ordnungspolitische Cultural Analysis”, Journal of International Problem, Ordo, Vol. I, 1948.), in (1963) La Business Studies, Vol. 37, N.1, Jan., pp. 61- Economía de Mercado, Madrid, Sociedad de 75. Estudios y Publicaciones.

Konrad-Adenauer-Stiftung e. V. 10

ONLINE PUBLICATION Leopold Helmut, (1990): “Neoliberal ______, (2002) “Crisis en la nueva JUNE 2013 economía”, Revista Valores, FCSE-UCA, Ordnungstheorie and Constitutional December, No. 55. Economics, a Comparison between Eucken www.kas.de/brasilien/en/ Rieter Heinz and Schmolz Mattias, (1993): and Buchanan,” Constitutional Political “The ideas of German 1938- Economy, Vol.1, No. 1. 45: pointing the way to a new economic order,” The European Journal of the History Lehmann Jean-Pierre and Appleton Arthur, of Economic Thought, 1:1 Autumn. (2011). “Only the Rule of Law can Prevent a

US-China Conflict”, IMD, Lausanne, Röpke Wilhelm, (1936). Crises and Cycles. Switzerland, January. London. XII and 224 S.

Meijer Gerrit, (1994): “Walter Eucken´s _____, (1942). International Economic Contribution to Economics in an Disintegration. London. International Perspective”, Journal of

Economic Studies, Vol. 21, No. 4, pp. 25- Rüstow Alexander, (1961) “El significado 37. histórico de la Economía Social de Mercado,” Simposio Direcciones Müller Armack Alfred, “The Meaning of the Contemporáneas del Pensamiento Social Market Economy,” in (1989) German Económico, Instituto de Filosofía y Social Market Economy: Origins and Sociología de la Economía, Universidad de Evolution, Ed. By Alan Peacock and Hans La Plata. Willgerodt, London, Macmillan Press.

_____, (1950). Das Versagen des Nicholls, Anthony James, (1994). Freedom Wirtschaftsliberalismus, Helmut Küpper with Responsibility: the Social Market Vormals Georg Bondi. Economy in Germany, 1918-1963, Oxford,

Oxford University Press. Salehizadeh Mehdi, (2007). “Emerging ' Multinationals: Current Status Oliver Henry, (1960): “German and Future Prospects”, Third World ”, Quarterly Journal of Quarterly, Vol. 28, No. 6, pp. 1151-1166. Economics, LXXIV, October, 117-149.

Smith Mitchell P., (2001): “Europe and the Razeen Sally, “Ordoliberalism and the Social : Growing Tension or Market: Classical Political Economy from Symbiosis?”, German Politics, Vol.10, No.3 Germany,” New Political Economy, Jul 96, (December). Vol. 1, Issue 2, 25p.

Soros George, “A New World Architecture”, Resico Marcelo, (2011). Introducción a la Project Syndicate, 11-04-2009 Economía Social de Mercado. Edición

Latinoamericana, Rio de Janeiro, SOPLA- Stiglitz Joseph, (2002). El Malestar en la KAS. Globalización, Madrid, Taurus.

______, (2008). La estructura de una _____, (2002). “ American economía humana. Reflexiones en cuanto a Style”, Proyect Syndicate. la actualidad del pensamiento de W. Röpke,

Buenos Aires, Educa. Streit Manfred and Wohlgemuth Michael, (1997): “The Market Economy and the ______, (2006): “Reformas Económicas y State. Hayekian and Ordoliberal Modernización del Estado”, Revista Diálogo Político, Konrad Adenauer Stiftung, Año Conceptions,” Diskussionsbeitrag, 06-97, XXIII, No. 3, September. Max Plank Institut zur Erforschung von Wirtschaftssystemen.

Konrad-Adenauer-Stiftung e. V. 11

ONLINE PUBLICATION Takenaka Heizo, “The Chinese Mirror”, JUNE 2013 Project Syndicate, 03-02-2011. www.kas.de/brasilien/en/ Vanberg, Viktor. (1988). "'Ordnungstheorie' as Constitutional Economics -The German Conception of a 'Social Market Economy'." Ordo 39: 17-31.

Watrin Christian, (2002): “The German Economy in 2002. The Rise and Fall of the German Model”, Paper given in Rome, Italy, December 11.

_____, (1999): Europe's "New" , Speech at Heritage Foundation, May 11.

WEF, (2012). “Global Agenda Council on Geopolitical Risk”, Davos-Klosters, Switzerland 25-29 January.

Willgerodt Hans, Watrin Christian, Stützel Wolfgang, Hohmann Karl, (1982). Standard Texts on the Social Market Economy, Stuttgart – New York, Gustav Fischer.

Willgerodt Hans and Peacock Alan Eds., (1989). German Neo-Liberals and the Social Market Economy, London, The Macmillan Press Ltd.

Yañez Eugenio, (2005). Economía Social de Mercado en Chile, Mito o Realidad?, Hans Seidel Stiftung, Santiago de Chile