ABSTRACT
The chapter explores the interplay between economic and normative thinking in the school of German ordoliberalism. It first draws on the historical genesis of the ordoliberal framework in opposition to National Socialism and the practical implementation of ordoliberal concepts in Germany after the Second World War. Thereafter, it describes the details of ordoliberal thinking about the role of culture, social norms, and values for economic outcomes, and argues that the programme of ordoliberalism is more concerned with ‘non-market prerequisites’ of a market order than with the functioning of markets per se. In terms of economic policy advocacy, this ordoliberal conviction shows itself strongly in its prioritization of promoting ‘the good life for all’ over a simplistic focus on increasing output or production ever further. Lastly, the chapter links the ordoliberal concerns to the presently emerging research programme of contextual economics.
