German Ordoliberalism in Policy Decision Making: A Comparison of Germany, the U.S. and Korea
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Economic freedom was to be protected and guaranteed by a constitutional political order according to ordoliberal thinkers like Walter Eucken, Franz Böhm and Hans Grossmann-Doerth. The fundamental goal of ordoliberalism was and still is to limit discretionary policy-making by enshrining in the constitution open and rigorous regulations designed to restrain what these scholars view as democratic excess and its effects on decision-making. According to ordoliberalism, since legal rules and economic activity are mutually dependent, economic order is equivalent to legal order. For this reason it is crucial to understand who makes laws and how. Therefore Ordoliberal principles emphasize the role of government and legislation in creating order and creativity as well as how important these functions are to the market and society. Although the modern state is not a sufficiently order-establishing power, Walter Eucken argued in his 1952 book Grundsätze der Wirtschaftspolitik that it might become one—but only with the help of science (Eucken 1952). Experts in law and economics are to advise decision-making processes. Their remit is broad: in addition to providing theoretical abstract knowledge they must address real-world economic issues and advise the government accordingly. This study delves into the U.S., Germany and Korea regarding the composition and duties of their respective economic decision-making councils, the Council of Economic Advisers (CEA), the Sachverständigenrat zur Begutachtung der gesamtwirtschafilichen Entwicklung (SVR) and the National Economic Advisory Council (NEAC), respectively. The results of this study indicate that the CEA exhibits low-independency, low-stability, and high-value-judgment. Conversely, high-independency, high-stability, and low-value-judgment are revealed by the SVR. Furthermore the NEAC exhibits low-independency, low-stability, and high-value-judgment. We conclude that the features of the rule-based and scientific SVR in Germany are largely shaped by German ordoliberalism.
Abstract
Economic freedom was to be protected and guaranteed by a constitutional political order according to ordoliberal thinkers like Walter Eucken, Franz Böhm and Hans Grossmann-Doerth. The fundamental goal of ordoliberalism was and still is to limit discretionary policy-making by enshrining in the constitution open and rigorous regulations designed to restrain what these scholars view as democratic excess and its effects on decision-making. According to ordoliberalism, since legal rules and economic activity are mutually dependent, economic order is equivalent to legal order. For this reason it is crucial to understand who makes laws and how. Therefore Ordoliberal principles emphasize the role of government and legislation in creating order and creativity as well as how important these functions are to the market and society. Although the modern state is not a sufficiently order-establishing power, Walter Eucken argued in his 1952 book Grundsätze der Wirtschaftspolitik that it might become one—but only with the help of science (Eucken 1952). Experts in law and economics are to advise decision-making processes. Their remit is broad: in addition to providing theoretical abstract knowledge they must address real-world economic issues and advise the government accordingly. This study delves into the U.S., Germany and Korea regarding the composition and duties of their respective economic decision-making councils, the Council of Economic Advisers (CEA), the Sachverständigenrat zur Begutachtung der gesamtwirtschafilichen Entwicklung (SVR) and the National Economic Advisory Council (NEAC), respectively. The results of this study indicate that the CEA exhibits low-independency, low-stability, and high-value-judgment. Conversely, high-independency, high-stability, and low-value-judgment are revealed by the SVR. Furthermore the NEAC exhibits low-independency, low-stability, and high-value-judgment. We conclude that the features of the rule-based and scientific SVR in Germany are largely shaped by German ordoliberalism.
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