What is Mixed Economy | Types | Capitalist and Socialist Economy

 Mixed Economy Mixed economy is an economy which combines the element  of both the capitalist and socialist economies. It attempts to combine the best features of both capitalism and socialism while excluding the Demerits of Both.   Two types of Mixed Economy      1. Government does not directly undertake Production activity. This exists in most of the developed countries such as the USA, UK, etc.     2. Where Government not only Regulates the Private Sector, But also Participates in the Production activities.     Features of Mixed Economy Co - existence of Public and Private Sectors. Features of both Capitalism and Socialism. Government regulates and controls the Private Sectors. Price mechanism Profit Motive. Capitalist Economy   In Capitalist  form of economic system the means of Production and Distribution are Privately own,  and Production is guided Largely through Operation of markets.    ...
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Directive Principle of State Policy ( DPSP )

 Directive Principles of State Policy ( DPSP )

Directive Principles Pertaining to economy : 
  • To Promote the welfare of all the People.
         ➡ To minimize the inequalities of  income.

          ➡  To eliminate inequalities among individuals and group.
          ➡  To Secure adequate means of  livelihood for all citizens.
          ➡  To ensure Distribution of material Resources of common good.
          ➡  To ensure equal pay for equal work for both men and women. 
          ➡   To ensure health and Strenght of workers.
          ➡   To Provide Equal opportunities to all citizens.
          ➡   To Provide access to legal justice to all citizens.
          ➡   To ensure light to work, education and Public assistance within the limits of economic capacity.
         ➡    To Provide for human conditions for work and for maternity relief.
         ➡     To enact suitable laws to ensure the Participation of workers in management of business            organization.
        ➡      To enact article 301 grants freedom of trade, commerce and intercourse throughout the territory of India.
       ➡       To make Plans for inclusive economic development.
       NOTE -  The Government has the Power to restrict this freedom ride Articles 302 + 305.
       
  • Changing Profile to Indian  Economy: Independent economic Policy for India after 1947.
          Timeline of Indian's economic Journey 
        
          ➡   1947 - India's Economy was still struggling. 
        
         ➡   Jute and Cotton industries dominated the economy. 
  •  Post Independence - State Controlled heavy Industry, Transportation, Telecommunications. 
        ➡  Government controlled the Private Business.

        ➡  Foreign Trade was not Encouraged.

  • 1980 - India relied on foreign borrowing to finance development Plans.
       ➡  1990 - India Face Balance of Payment ( BOP ) Crisis.
      ➡   1991 - India opened the economy ( Economic Freedom ).
  •  India Implanted Economic reforms.
  • Tariffs and custom duties was reduced  
  •  Private sector was allowed to flourished. 
Note - 💬
  •  In 1947, Manufacturing was dominated by jute and cotton textile industries.
  • After independence India new leaders used the Power of state to direct economic growth  and reduced wide spread Party.
  • In 1991, in reaction to a severe foreign exchange crisis India embarked on a series of economic reforms.
  • In 2008. India open its market to the world and has emerged as an open Global Market. 


Location: Shamli, Uttar Pradesh 247776, India

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