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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Conciliatory and Judicial Role of Government

 Conciliatory and Judicial Role of Government 

The important essentials of Socialism are that all great industries of the land should be Publicly or Collectively owned and they should be Conducted ( in conformity with a national economic Plan ) for common Good instead of Private Profit. 


Open Economy 

The concept of Open Economy is based on the Philosophy of Faith in the Market forces and Freedom of economic Enterprise.

The changing economic face of world necessitates that India keep Pace with the changing Trends.

The role of the Government was to Provide a judicial and legal system for the growth of free Enterprises.

The Step forward liberalization, Privatization and globalization highlight the Conciliatory and Judicial role of the Government.

The three Principles -  Liberalization , Privatization, Globalization

Liberalization

Freeing Economy form Government controls, regulations.
  • Private sector grow faster if it is liberated.

Privatization

Privatization Occurs when a government owned Business or Property becomes owned by a Private, non- Government Party.

Globalization

Globalization the Process by which diverse economies of the world become integrated through a global network of sharing and exchanging products, technology, International trade, labor, investment, information and economic culture.


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