60 years after his legacy, the term “social market economy” is being revived again
Today1, Erhard is considered the main architect behind West Germany’s Wirtschaftswunder (German for “economic miracle”) and the father of the social market economy. An academic turned politician, he was Minister for Economic Affairs under Konrad Adenauer from 1949 to 1963 and Chancellor from 1963 to 1966; he would remain a member of the German parliament till his death in 1977.
He could be seen as an ideologue. He fought for his ideals, which, in the world of politics, caused him problems with his colleagues more than once. However, he stayed faithful to what he believed in and put his principles over party politics. After World War II, the CDU would campaign with slogans like “We want to overcome Marxism and Capitalism.” In just a couple of years, Erhard would completely change the positions of the party—without even being a member. Today, Erhard is still the only independent Chancellor in Germany’s history.
