- "A mixed economy is variously defined as an economic system blending elements of a market economy with elements of a planned economy, markets with state interventionism, or private enterprise with public enterprise."
Economic systems that incorporate elements of both market and command economies, with some industries and sectors controlled by the government while others are left to operate freely in markets.
Economic systems: An overview of the different types of economic systems, including market, command, and mixed economies.
Capitalism: A system in which the means of production are privately owned and operated for profit.
Socialism: A system in which the means of production are owned and operated by the state or by the workers.
Communist economics: A system in which the means of production are owned and operated by the state and common ownership of property.
Keynesian economics: An economic theory that emphasizes the importance of government intervention in the economy to achieve full employment and stabilize economic growth.
Neoclassical economics: An economic theory that emphasizes the importance of market forces in determining allocation and distribution of resources.
The Great Depression: A major economic crisis that occurred in the 1930s, leading to high unemployment rates and low economic activity.
The New Deal: A series of government programs and initiatives developed by President Franklin D. Roosevelt to address the issues of the Great Depression and promote economic recovery.
Industrialization: The process of transforming an economy from one based on agriculture to one based on manufacturing and industry.
Globalization: The process of increasing economic integration and interdependence between nations.
Privatization: The transfer of ownership and control of state-owned enterprises to private entrepreneurs.
Deregulation: The removal of government regulations or restrictions on economic activity.
Income inequality: The unequal distribution of income among individuals and households.
Economic growth: An increase in the production of goods and services over time.
Trade agreements and treaties: Agreements between countries that establish rules for international trade, investment, and economic cooperation.
Social Market Economy: This model is found in countries like Germany and Japan, and combines private enterprise with extensive social welfare programs. The government intervenes in the economy to ensure a balance of power between businesses and workers, and to provide education, healthcare, and other social services.
Nordic Model: This model is found in countries like Denmark, Sweden, and Norway. It combines a largely market-based economy with a strong welfare state, universal healthcare, and free education. The government provides a safety net for citizens, with high taxes and a focus on social equality.
State Capitalism: China is an example of a country that practices state capitalism. In this model, the government owns many key industries, but allows private ownership and competition to exist in other sectors. The state acts as a major player in directing the economy and investing in strategic sectors.
Socialism with Chinese Characteristics: This is the term used by the Chinese government to describe its economic system, which combines elements of socialism with market principles. The government retains control over key industries and resources, but allows private ownership and competition in other areas. The government directs investment and sets economic targets, but also allows market forces to influence prices and production.
Mixed economy of the United Kingdom: The UK has a mixed economy that includes both public and private ownership of industries. The government provides extensive welfare programs and regulates industries like healthcare and education, but also allows for competition and private enterprise in other areas. The UK is often cited as an example of a "third way" between capitalism and socialism.
- "Common to all mixed economies is a combination of free-market principles and principles of socialism."
- "One definition is about a mixture of markets with state interventionism, referring specifically to a capitalist market economy with strong regulatory oversight and extensive interventions into markets."
- "Another definition is that of active collaboration of capitalist and socialist visions."
- "Yet another definition is apolitical in nature, strictly referring to an economy containing a mixture of private enterprise with public enterprise."
- "Alternatively, a mixed economy can refer to a reformist transitionary phase to a socialist economy that allows a substantial role for private enterprise and contracting within a dominant economic framework of public ownership."
- "The idea behind a mixed economy, as advocated by John Maynard Keynes and several others, was not to abandon the capitalist mode of production but to retain a predominance of private ownership and control of the means of production, with profit-seeking enterprise and the accumulation of capital as its fundamental driving force."
- "The difference from a laissez-faire capitalist system is that markets are subject to varying degrees of regulatory control and governments wield indirect macroeconomic influence through fiscal and monetary policies."
- "In this framework, varying degrees of public utilities and essential services are provided by the government, with state activity providing public goods and universal civic requirements, including education, healthcare, physical infrastructure, and management of public lands."
- "This contrasts with laissez-faire capitalism, where state activity is limited to maintaining order and security, providing public goods and services, as well as the legal framework for the protection of property rights and enforcement of contracts."
- "About Western European economic models as championed by conservatives (Christian democrats), liberals (social liberals), and socialists (social democrats - social democracy was created as a combination of socialism and liberal democracy) as part of the post-war consensus, a mixed economy is in practice a form of capitalism where most industries are privately owned but there is a number of utilities and essential services under public ownership, usually around 15 to 20 percent."
- "In the post-war era, Western European social democracy became associated with this economic model. As an economic ideal, mixed economies are supported by people of various political persuasions, in particular social democrats."
- "The contemporary capitalist welfare state has been described as a type of mixed economy in the sense of state interventionism, as opposed to a mixture of planning and markets, since economic planning was not a key feature or component of the welfare state."