Ordoliberalism as a prescription for the reform of capitalism

Abstract

The ar ticle aims to answer the question whether Ordoliberalism can
be an efficient way to reform capitalism. The contemporary financial and
economic crisis, which has troubled the world economy since 2008, shows
the weaknesses of the neoliberal doctrine, popular and implemented since
the 1980s, contributing to a deepened reflection on the weaknesses of
the capitalist system, which exists in the majority of states. The research
method used by the author is a theoretical analysis of selected publications
and Internet sources. In the first part of the article, the author presents
the essence and the concept of capitalism as well as the main assumptions
of the ordoliberal theory. Next, he tries to determine the reasons of the
global social-economic problems, also analysing the sources of threats to
the contemporary capitalism. Finally, there are conclusions and an outline
of necessary actions in order to improve the capitalist system. The analysis
results in a conclusion that the ordoliberal theory may be a useful inspiration
for a reform of the contemporary capitalism. It can also be useful for the
preparation of social-economic policy premises in particular states.