A West German economic group of the post-World War II era that advocated competitive, free markets operating within a strong social, political, and moral framework. Ordoliberals insisted that competition was the best way to prevent excessive private or public concentrations of power and was the best guarantee of political liberty. For protection of the less fortunate and less able, however, they backed a governmental system of subsidies and transfer payments. See Ordoliberals essay.
Adapted from The Commanding Heights by Daniel Yergin and Joseph Stanislaw