Walter Eucken asserted that Adam Smith's invisible hand should necessarily be supported by the economic policy aiming at the creation of competitive order in the economy. This article presents the theoretical foundations of the ordoliberal concept of such a policy. The said concept stresses, at the same time, the requirement that individuals enjoy life freedoms in concordance with the principles of ethical behaviour. Eucken's approach towards the contents and tasks of economic policy addresses all its important aspects: 1) main objectives for the economy, 2) the role of the state, 3) the existence of superior societal values, 4) principles by which competitive economic order is introduced into the system's operation, 5) methods and instruments of economic policies and, 6) the functions of economic agents. The analysed concept provides for the intellectual premises which might help to neutralize the weaknesses of economic policy observed in many countries, inclusive of member countries of the EU.
Ordoliberal orientation as a variety of the liberalism seems to create the intellectual premises helping to overcome the presently observed weaknesses of the liberal doctrine. Ordoliberalism stresses the role played by the 'developmental mission' which is understood to direct the activities of the state towards building the economic order. Economic order, under conditions of freedom for business entities and the proper operation of markets, assists majority of individuals in the society to attain their objectives. According to ordoliberal orientation the invisible hand, for its effective performance, requires the supplement in the form of economic order, formed by the state. European integration and the realities of globalization support the view that the ordoliberal thought on policies that enhance the economic order should be enriched beyond, the initially assumed by ordoliberals, the limits of national economies.
This article discusses basic aspects of ordoliberal doctrine, an original German concept of liberalism. The author presents basic ordoliberal ideas. He outlines the ideas of the founders of the school, mainly Walter Eucken and Ludwig Erhard. The original element of the ordoliberal thought is the concept of social market economy. It is based on the assumption that free market can be the basis for stable social order ensuring the fulfillment of common needs. Ordoliberalism is an economic doctrine that may be used as the basis of economic policy. The author argues that the countries whose political system is undergoing transformation should especially make use of the past experience of the implemention of this idea by Ludwig Erhard in post-war Germany.