Sustainable Market Economy

The sustainable market economy is based on the idea of the United Nations to install a worldwide sustainable development process. The objective of this process is to reduce the difference between 'poor' and 'rich' countries. The concept of the sustainable market economy is founded on the basic idea of economics to realize market equilibria (Adam Smith). It is shown that economic equilibria also ensure economic sustainability. Because economic crises are present in economic disequilibria, the realization of the economic sustainability prevents systemic (self-made) economic crises and also ensures welfare. So it is logical to realize economic sustainability consequently, in spite of the dominance of political compromises in democratic societies.

Hermann Witte is Professor of Business Administration, Logistics and Environmental Economics at the University of Applied Sciences Osnabrück, Campus Lingen, Institute of Management and Technology.