How to translate “Ordnungspolitik“?
The term “Ordnungspolitik” is so typically German, that direct translation into English is almost impossible. Translation attempts like, “Order Policy” simply do not work and could, quite likely, lead to serious misunderstandings.
Ordnungspolitik focusses on the importance of an institutional framework that can promote a free, yet ethically responsible, economic interaction of individuals within the context of a market economy. This approach rejects both market intervention processes as well as laissez faire capitalism. In contrast, there is an emphasis on “rules of the game”, that can enable the efficient functioning of market mechanisms. Advocates of Ordnungspolitik focus on economic principles such as a functioning price mechanism, private property rights or monetary stability, as well as liability rules, consistent anti-trust policy or the necessity of a governmentally organized supply of public goods.
Why do we need „Ordnungspolitik“?
Ordnungspolitik is one of the seminal rationales, that helped to underpin the much-admired, “German Social Market Economy” a philosophy, which contributed to the extraordinary “German Economic Miracle”, a period of unprecedented, economic growth, that occurred within a decade of the conclusion of “WW II hostilities….”
Of course, in the aftermath of the palpable failure of free market capitalism and, with respect to the financial and economic crisis in which we find ourselves, Ordnungspolitik certainly deserves closer inspection again and should find itself near the top of “economics discussion” agendas. The “Ordnungspolitisches Portal” is a platform to present this economic model, a model which could still prove to be a valuable tool in fostering successful and sustainable economic development in this world, at some future date.