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Mixed Economy |
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Mixed economy is one of the types of economy. As the name suggests it is a mix of both capitalist and socialist economy. In other words it is a type of economy in which both private and public enterprise co-exist. Mixed economy is getting more and more complex as the competition in the market is rising. In this type of economy both private and public sector takes part in the decision as what to produced and distributed. As mixed economy allows private enterprise to take active participation in every matter, the competition is also very high in this type of economy.
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This type of economy gives a private economic freedom. The government rules and regulations are implemented on the various economic activities done under this type of economy.
Economy is related with the production, distribution and consumption of goods and services by the consumers. Since industrial revolution many more elements have been added to the economy. Every country has implemented certain king of economy. Almost in every country there is a mixed economy. Mixed economy is also said to be a form of United States Economy. As US economy is said to be the most powerful economy many of the elements of mixed economy are influenced by US economy.
In mixed economy one can get all the advantages of the freedom. All the important economic decisions are shared between both private and public enterprise. Post World War II the definition of mixed economy also changed. As the the world is making steady progress the terms associated with economy is also changing. Recently Britain also moved into a mixed economy. Many new elements were added in the mixed economy in the past few decades. The best thing about this type of economy is that both private and public sector can have their say in all economic activities. It is also said that in order to remove burden of capitalist economy this type of economy has been introduced.
Mixed economy helps in generating national production in a good rate. The problems of too much public control is solved through this type of economy. One important feature of mixed economy is that it provides social welfare and political freedom. All national resources are utilized in this type of economy. The perspective of mixed economy is changing with each passing year. In today's world mixed economy has become an integral part of country's development. In future the mixed economy can become more flexible. |
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