Mixed Economic System

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Definition of a Mixed Economic System:

A mixed economic system is an economic system that combines elements of a market economy, (allowing for private ownership of capital), and a command economy (in which government intervenes in an attempt to protect the public interest).

Detailed Explanation:

A mixed economic system blends characteristics of the command and market economic systems. Some governments, like the United States, have a bias in favor of a market economy, but the US’s government still imposes regulations and has a tax structure to try to redistribute income to the poor.  Other countries, like China, lean toward the command economy, but during the past two decades the Chinese government has stepped up efforts to encourage private investment.  

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