Eco-social market economy

The eco-social market economy (ESME), also known as the socio-ecological market economy (SEME)^[1] or social and ecological market economy,^[2] aims at balancing free market economics, striving for social fairness, and the sustainable use and protection of natural resources. Developed by Austrian politician Josef Riegler [de] during the 1980s, it expands on the original concept of the social market economy—an economic model first advocated by Konrad Adenauer—and is considered the economic format that is followed by the majority of European nations.