Ordoliberalism – A Research Approach for Today?

Abstract

Abstract Research background: To a limited extent, modern researchers are interested in ordoliberalism, as a theory of the socio-economic system, which is confirmed by the results of the bibliometric analysis. In conducted studies, the assumptions of ordoliberalism are used partially, for example, for research on: the role of the state in the economy, the antitrust law, the theoretical assumptions of the SME, the determinants of German economic policy after World War II. Purpose of the article: The aim of this article is to present the possibilities offered by the ordoliberal theory that predispose it to determine a socio-economic order which makes it possible to tackle the dysfunctions and crises that afflict today’s economy. Methods: The research methodology involves a critical analysis of the works of the most essential representatives of ordoliberal thought, particularly Walter Eucken and others, from the perspective of the above-mentioned purpose of the study. This requires examining German-, Polish- and English-language publications by authors recognised as representatives of mainstream ordoliberalism. Findings & Value added: As a result of the conducted analysis, the hypothesis about the existence of the elements of ordoliberal theory that allow it to respond to the challenges of the modern world, including economic, social, environmental and climate crises and pandemic threats has been confirmed. Research of this kind implies a return of thinking in terms of economic order, and thus contributes to the theories that seek to overcome the crisis in both the real economy and the theory of economics.