Mixed Economic System

A Mixed Economic System is an economic structure that combines elements of both capitalism and socialism. It seeks to balance individual freedom and market efficiency with government regulation and social welfare, ensuring economic growth alongside equitable wealth distribution.

Key Features: Coexistence of private and public sectors: Both private enterprises and government-owned entities operate in the economy. Private property rights: Individuals and businesses can own and use resources for profit. Government intervention: The state regulates key industries, corrects market failures, and promotes social welfare through policies and subsidies. Social objectives: Aims to reduce income inequality, ensure employment, and provide public goods like healthcare and education. Economic freedom with oversight: Encourages innovation and competition while maintaining rules to prevent exploitation and monopolies.

Examples: India: Combines private enterprise with government involvement in sectors like railways, energy, and defense. United Kingdom: A market-driven economy with welfare programs and public healthcare (NHS). France: Strong private sector participation with significant state ownership in strategic industries