Mixed Economy

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  • A market-oriented economy in which a government plays an active role in fine-tuning the economy, rather than allowing the invisible hand of the market to correct the market. A mixed economy therefore shows traces of market capitalism (market freedom and free ownership of the means of production, inputs) and socialism (public ownership of economic resources and regulation of markets). The mixed economy is a testimony to the imperfection of markets, which results in market failure.

    By definition, socialist economies, which have started to embrace privatization and market outcomes, can also be classified as mixed economy. The fundamental difference is the intensity of privatization and reliance on the market, which is much more inherent and prevalent in capitalist societies. The use of the expression is therefore traditionally ...

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