A mixed economy involves both the private and state sectors which have a direct impact on country’s economy, follows both market economies and planned economies. Capitalism and socialism are prior characteristics of mixed economic system. A mixed economy can be defined as the economic freedom of private sector, at the same time allows government to interfere in economic activities to fulfill social goals.
Understanding the Mixed Economy of Welfare Edited by Martin A. Powell (published by Policy Press/Social Policy Association, 2007)
Price in a Mixed Economy: Our Record of Disaster By William Krehm (published by COMER Publications, 1975)
US and Cuba are the ideal example of a mixed economy, it is noticed that to some extent all economies are a mixed economy. Pure capitalism and pure communalism are rare to find. The most common examples of a mixed economy can be seen in the world’s developed countries like the United States, Australia, Canada, Germany, Japan, the United Kingdom and Italy etc.
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