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The content and ideas in this paper were presented in an IDEAS seminar for leaders of the Islamic Party of Malaysia (PAS) held in July 2011. As an economic school that developed in Germany, social market economy is rich with its own history. Dr Haas explains eloquently in this paper that it is all about creating an integrated economy where individuals are able to flourish in the open market, but the poorest are protected by a social safety net. It is a system that tries to balance liberty with equality.

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