Social market economy
The social market economy (SOME; German: soziale Marktwirtschaft, German pronunciation: [zoˌt͡si̯aːlə ˈmaʁktˌvɪʁtʃaft] ), also called Rhine capitalism, Rhine-Alpine capitalism, the Rhenish model, and social capitalism, is a socioeconomic model and ideology combining a free-market capitalist economic system with social policies and enough regulation to establish both fair competition within the market and generally a welfare state. It is sometimes classified as a regulated market economy.