Ludwig Erhard is regarded as a pioneer and father of the social market economy in Germany. Restrictions were imposed on industrial and financial capitalism with the aim of creating social justice and ultimately “prosperity for all”. Since the existence of the Internet and inexorable digitalization, the power of data has increasingly come to the fore. Experts are already talking about data capitalism.
In order to survive under these new conditions, it is best for companies to reinvent themselves, since existing principles of order such as supply and demand are based on a new foundation. In the past, the price was the sole point of reference for the value of a product or service, but today a data driven information is more meaningful than just the price.
For companies, this means adapting to this initial situation. This includes the provision and availability of own data, the exchange, purchase or sale of data and the use of open data sources. Standards and rules must also apply here, so as not to leave the field to a few data octopuses. What is needed is a new digital social market economy, i.e. “do it again…”.
