Marcus Marktanner, American University of Beirut

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Presentation transcript:

Marcus Marktanner, American University of Beirut Social Market Economy – A Model for Jordan? Prepared for: Joint German-Jordanian University - KAS workshop on “Economic Systems in Comparison - Free Market Economy versus Social Market Economy” Amman, Jordan, March 13-14, 2010 Marcus Marktanner, American University of Beirut

Social Market Economy – A Model for Jordan? Outline What is Social Market Economics? How is Social Market Economics different? How close is Jordan to the Social Market Economy? What are challenges to sustaining Social Market Economics in Jordan? Conclusions: Jordan as a role model in the Arab world

Social Market Economy – A Model for Jordan? What is Social Market Economics 1. What is the normative value system?  Efficiency with equal opportunity 2. How is the state supposed to be organized?  Subsidiarity and state-insulation from special interest groups 3. What are untouchable market fundamentals?  Ordo-liberal core 4. When is the state supposed to interfere?  Regulatory principles 5. How is the state supposed to interfere?  Supplementary principles

Social Market Economy – A Model for Jordan? What is Social Market Economics – The Ordo- Liberal Core 1. Free prices 2. Free contracts 3. Free trade 4. Private property rights 5. Price stability 6. Private liability 7. Predictability of economic policy

Social Market Economy – A Model for Jordan? What is Social Market Economics – Regulating what, how? What? Abnormal labor supply Externalities Market Power Unequal opportunities How? Collective bargaining (Subsidiarity) Market conform internalization Anti-trust policy Market conform social policy Abstain from sectoral interventions Minimize stabilization policy

Social Market Economy – A Model for Jordan? What is Social Market Economics – Summary

Social Market Economy – A Model for Jordan? How is Social Market Economics different?

Social Market Economy – A Model for Jordan? How close is Jordan to the ideal of a Social Market Economy? Actually pretty close! Low income inequality (equal opportunities) Openness (efficiency) Broad tax base (capacity) And: Jordan’s geopolitical and geo-economic environment is more difficult

Social Market Economy – A Model for Jordan? Challenges to sustaining a Social Market Economy Food crisis Trade deficit Inflation German experience: Commitment to Social Market Economy principles is challenged in bad times, not in good times.

Social Market Economy – A Model for Jordan? Conclusions The numbers look good The geopolitical and geoeconomic environment is more complex in Jordan Economic reforms are still comparatively young, many institutions like anti-trust legislation still need to mature There may be some dark clouds building up (inflation) But overall: Thumbs up!

Social Market Economy – A Model for Jordan? Thank you.