The term global control basically describes the influencing of the economy and the economic system through political measures that affect the demand side of the market.
To this end, the state uses a number of instruments: In addition to monetary and credit policy, this is also financial and foreign trade policy. Global control is based on the idea that politics should do more than just set the framework for economic activities. However, these interventions should not contradict the principles of the market.
Concrete measures, such as a wage or price freeze, are not planned. Successful global management requires precise economic data, detailed knowledge of the economic system and suitable instruments to counter diagnosed deficits.
In the Federal Republic of Germany, the concept of global control developed in the mid-1960s. The decline in employment and production in the final years of the economic miracle, which was first observed after the war, could no longer be dealt with with the classic instrument of monetary policy. The deliberations culminated in 1967 in the law to promote the stability and growth of the economy.