Which of the following statement is not correct regarding the 'Social Market Economy'?
1
It is implemented in 1948 by the Federal Republic of Germany.
2
It is the state that explicitly guarantees the social and economic order, based on liberalism, which requires a state with strong regulatory authority.
3
The social market economy was designed for growth but it is completely similar to capitalism.
4
Ludwig Erhard forged the concept of social market economy.