The Influences of Ordo-liberalism in the EU’s Economic and Monetary Policy
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The recent resurgence of the interests on German Ordo-liberalism comes from the fact that the German economy has proven to the world of its stability and resilience even in the global financial crises since 2008. Germany is also leading the European integration ever since the inauguration of the Treaty of Paris which created the first European community in 1951. The founders of Ordo-liberalism, namely, Walter Eucken, Franz Böhm and Hans Großmann-Doerth had a clear vision that their principles of market order will be practical and operational at policy level rather than being merely normative discourses. Their vision has been fully realized in that Ordo-liberalism is still at the center of Germany’s economic and social policy. This paper investigated the main publications of German studies in Korea to find out whether the practicality of the principles of Ordo-liberalism has been utilized. It is found not to be case in Korean discipline of German studies. Studies on German economics are mostly either focused on case studies without explaining its relation to Ordo-liberal principles in detail (Type I) or theoretical aspects of the ideology (Type II). Studies applying the principles to policy level (Type IV) and comparing with alternative paradigms (Type III and V) are the rarity. This study also provides, as an example, the case of Ordo- liberalism influencing economic and monetary policy in the European Union.
Abstract
The recent resurgence of the interests on German Ordo-liberalism comes from the fact that the German economy has proven to the world of its stability and resilience even in the global financial crises since 2008. Germany is also leading the European integration ever since the inauguration of the Treaty of Paris which created the first European community in 1951. The founders of Ordo-liberalism, namely, Walter Eucken, Franz Böhm and Hans Großmann-Doerth had a clear vision that their principles of market order will be practical and operational at policy level rather than being merely normative discourses. Their vision has been fully realized in that Ordo-liberalism is still at the center of Germany’s economic and social policy. This paper investigated the main publications of German studies in Korea to find out whether the practicality of the principles of Ordo-liberalism has been utilized. It is found not to be case in Korean discipline of German studies. Studies on German economics are mostly either focused on case studies without explaining its relation to Ordo-liberal principles in detail (Type I) or theoretical aspects of the ideology (Type II). Studies applying the principles to policy level (Type IV) and comparing with alternative paradigms (Type III and V) are the rarity. This study also provides, as an example, the case of Ordo- liberalism influencing economic and monetary policy in the European Union.
참고문헌 (18)
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