The name given to the economic arrangements devised in Germany after the second world war. This blended market capitalism, strong labour protection and union influence, and a generous welfare state. The phrase has also been used to describe attempts to make capitalism more caring, and to the use of market mechanisms to increase the efficiency of the social functions of the state, such as the education system or prisons. More broadly, it refers to the study of the different social institutions underpinning every market economy.