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List And Describe The Benefits Of Mixed Economies

Referencing Styles : APA | Pages : 1

A mixed economy can be defined as the system of economy which constitutes elements of economies present in the market mixed along with certain elements of planned economies. This mixed economy also constitutes of other elements that are parts of free markets and state interventionism. The economies of private as well as public enterprises also fall under the category of mixed economies. Mixed economy cannot be defined in a single way. Instead it could be majorly and broadly defined in two ways. The first definition could be stated as the mixture of markets that include state interventionism. These markets generally refer to the economies of capitalist markets which have a presence of the oversight with a very strong regulation. The other components which come under this definition can include interventionist policies and the provisions that were made by the Government for carrying out the public services. The second definition of mixed economy constitute of political reasons. It is strict in nature and is mainly limited to the economies that constitute public and private enterprises.

In Western countries, the definition of mixed economy might sometimes vary from the original concept. In Western economy concept, the mixed economy could be defined predominantly as the ownership of private enterprises for the need of producing goods and services. This need is intertwined with the needs of the Profit-seeking enterprises. The primary driving forces of these two enterprises could be the accumulation of capital. This concept also includes regulations of markets up to a certain varying degree. The Government in such a situation exercises influence of macroeconomic in nature through different policies such as fiscal and monetary policies. The primary view of the Government is to counteract the history of Capitalism and influence different components of the history such as boom or bust cycles, disparities of income and generation of unemployment.

Mixed economy incorporates the advantages of both the socialist and capitalist economies and the disadvantages of these economies are also eliminated. In the mixed economy there is presence of both private and public economy. Some other characteristics of mixed economy could be stated as follows.

1) Existence of both private and public sectors

This is one of the significant characteristic of mixed economy. The mixed economy consist of functioning of both public as well as the private sectors. There is a division of industries between these two sectors. Some of the industries would fall under the private sector while some other industries would fall under the public sector. The private sector industries would completely be under the control of private individuals and private firms whose main motive is generation of profit. The public sector industries are controlled by the Government. The public sector industries also have a motive of profit generation but they are also concerned about the social welfare of common people as well as the economy.

2) Presence of Joint sector industries

Joint sector industries can also be included under the concept of mixed economy. Joint sector industries can be defined as those industries where there is contribution of capital jointly by private as well as public sector industries. These industries also have the motive of profit generation but also take care of the social welfare of the economy.

3) Regulation of the Private sector industry

In the mixed economy the strict control and regulation of the private sector industries are completely done by the Government.

4) Planned economy

The complete structure of the mixed economy is subjected to the planning process as conducted by the Government. The various activities relation to the economy such as meeting of objectives, fulfilment of targets and allocation of different resources are all carried on through planning by the planning commission.

5) Ownership of private property

Through the rules of the mixed economy, the different individuals and private firms are eligible for owning any private property.

6) Provision of social security

In the concept of mixed economy, the steps necessary for providing the social security to the economy are purely taken by the Government.

The mixed economy has various advantages. The advantages could be stated as follows.

a) Efficiency of production

In a mixed economy there is co-existence of both the private sector industries as well as public sector industries. As a result there has always been a consistent competition between the two types of sector industries. Due to this competition, the efficiency of operation is increased due to the combined effect and as a result it leads to the increase in production of the mixed economy.

b) Reduction of inequality

The profit that is generated by the public sector industries would go in the hands of the Government and as a result the unequal distribution of income of individuals in the economy could be mitigated up to a certain extent.

c) Systematic plans

All the economic activities take place in a planned manner. The complete planning process is carried out by the planning commission. Due to such an extensive planning, the economic stability of the mixed economy is on the upper side as compared to other economies.

d) Sovereignty between consumers

The needs and demands of the consumers are taken into account for the production of goods. Their wishes are taken care of and goods are produced based on that. As a result there is complete sovereignty between the consumers in a mixed economy.

e) Freedom of enterprises

There is freedom among the enterprises and they have the motive of generating good amounts of profit. Along with this, there is also presence of competition among the private as well as private sectors. Due to this competition there is increased inefficiency, innovation, initiative as well as productivity among these two industrial sectors.

f) Social welfare promotion

Generally the private sector companies are not interested to work towards promotion of social welfare in the economy. Under the mixed economy system, the rules as regulations states that both the enterprises, private as well as public are required to work towards generating social welfare. Mixed economy gives importance to the social welfare of the economy.

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