Is Germany a social market?

Germany is the United States' largest European trading partner and the sixth largest market for U.S. exports. Germany’s "social market" economy largely follows market principles, but with a considerable degree of government regulation and wide-ranging social welfare programs.

Does Germany have a free market?

Although the free market operates in Germany, the federal government plays an important role in the economy. It is accepted as self-evident that it should underwrite the capital and operating costs of the economic and social infrastructure, such as the autobahn network, waterways, the postal system and telecommunications, and the rail system.

What is Germany known for?

Germany is the largest consumer market in the European Union with a population of 82.4 million. The significance of the German marketplace goes well beyond its borders. An enormous volume of trade in Germany is conducted at some of the world’s largest trade events, such as MEDICA, the Hannover Fair, Automechanika, and the ITB Tourism Show.

How did the German constitution affect the free market?

The German constitution, the Basic Law ( Grundgesetz ), guarantees the right to own property, freedom of movement, free choice of occupation, freedom of association, and equality before the law. However, the constitution modified the operation of the unfettered free market by means of its “social market economy” ( Soziale Marktwirtschaft ).