Word: marktwirtschaft
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...abundant resources and an industrious population played a great part in this transformation, much of its direction was the work of West Germany's cigar-chomping Minister of Economics Ludwig Erhard, who by kicks, tricks and cajolery has kept his nation on the straight and narrow path of Marktwirtschaft-free enterprise economy...
...Erhard the heart of Marktwirtschaft is the principle of free competition, firmly defined in the U.S.'s Sherman Act and subsequent antitrust legislation. Since 1950, the roly-poly Economics Minister has been struggling to persuade West Germany's Bundestag to pass its own anti-cartel law. At times, Erhard's fight-which Germans jestingly called "the Seven Years' War"-seemed hopeless. No European nation had ever adopted a law comparable to the Sherman Act, and none appeared less likely to do so than Germany, fatherland of the classic cartel. (In the mid-1930s, experts estimated that...
...cigar-chomping Ludwig Erhard, 60. A Bavarian peasant's son, Erhard rose to power after World War II when the Allies, impressed by his lack of Nazi ties, made him Economic Administrator of the U.S. and British occupation zones. When Allied officers, not so ardent as he for Marktwirtschaft (free enterprise economy), refused to let him end rationing and price control, Erhard slipped into his office one Sunday morning and issued the decree. U.S. General Lucius Clay administered a solemn reproof: "Herr Erhard, my advisers tell me this is a terrible mistake." Replied Erhard: "General Clay, pay no attention...