write a short note on mixed economic system it is better than capitalist and socialist system agree or disagree
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Answer:
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Explanation:
A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims. Capitalism and socialism are so different that they're often seen as diametrically opposed. Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources
Explanation:
ECONOMY ECONOMICS
Mixed Economic System
By JIM CHAPPELOW
Reviewed By BRIAN BARNIER
Updated Apr 27, 2020
What is a Mixed Economic System?
A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims. According to neoclassical theory, mixed economies are less efficient than pure free markets, but proponents of government interventions argue that the base conditions required for efficiency in free markets, such as equal information and rational market participants, cannot be achieved in practical application.