Mixed economy

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A mixed economy is an economic system that includes both elements associated with capitalism, such as private businesses, and ones associated with socialism, such as nationalized government services. More specifically, a mixed economy may be 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. Common to all mixed economies is a combination of free-market principles and principles of socialism. A mixed economy can be a reformist transitionary phase of 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. The idea behind a mixed economy, as advocated by John Maynard Keynes and several others, was not...

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