A mixed economy is variously defined as an economic system blending elements of market economics which elements of of plant economics free market with state interventionism.or private inter price
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Explanation:
mixed economy is variously defined as an economic system blending elements of market economies with elements of planned economies, free markets with state interventionism, or private enterprise with public enterprise.[1] There is no single definition of a mixed economy.[2] One definition is about a mixture of markets with state interventionism, referring specifically to capitalist market economies with strong regulatory oversight, interventionist policies and governmental provision of public services. The other definition is apolitical in nature, strictly referring to an economy containing a mixture of private enterprise with public enterprise.[3]
In most cases, particularly with reference to Western economies, the term mixed economy refers to a capitalist economy characterized by the predominance of private ownership of the means of production with profit-seeking enterprise and the accumulation of capital as its fundamental driving force.[4] In such a system, markets are subject to varying degrees of regulatory control and governments wield indirect macroeconomic influence through fiscal and monetary policies with a view to counteracting capitalism's history of boom/bust cycles, unemployment and income disparities. In this framework, varying degrees of public utilities and essential services are provided by government, with state activity often limited to providing public goods and universal civic requirements. This includes healthcare, physical infrastructure and management of public lands.[4][5] This contrasts with laissez-faire capitalism, where state activity is limited to providing public goods and services as well as the infrastructure and legal framework to protect property rights and enforce contracts.[6]
A capitalist economy relies on free-markets to determine, price, incomes, wealth and distribution of goods. A socialist economic system is characterised by greater government intervention to re-allocate resources in a more egalitarian way. There are also different aims of the economic systems.