Question

Elaborately narrate the post-independence concept of 'Mixed Economy' with example.?
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Answer 1

Answer:

mixed economy is variously defined as an economic system blending elements of a market economy with elements of a planned economy, free markets with state interventionism, or private enterprise with public enterprise.[1][2][3][4] While there is no single definition of a mixed economy, 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 is that of an active collaboration of capitalist and socialist visions.[5] Yet another definition is apolitical in nature, strictly referring to an economy containing a mixture of private enterprise with public enterprise.[6] Alternatively, a mixed economy can refer to a socialist economy that allows a substantial role for private enterprise and contracting within a dominant economic framework of public ownership. This can extend to a Soviet-type planned economy that has been reformed to incorporate a greater role for markets in the allocation of factors of production.