"Lancaster, PA – Amish Country in Pennsylvania," Accessed Nov. 29, 2019. A market economy functions under the laws of supply and demand. According to recent reports, the American economy appears to be booming. The economy of the United States is one of the more prominent examples of a mixed economy in the world. Sometimes, the government gets involved to help the economy. With a mixed economy, the government can control some parts of the country’s financial systems but not all. The social experience of the Chinese and Russian people during that process was a profound testament to the personal difficulties and turmoil that people endure when a country makes a transition to a mixed economy. Most nations operate under a mixed economy system, although some lean towards a more socialist mix (China), whilst others to a more market-based mix (USA). For example, a mixed economy contains the following principles from a command economy: economic equality, collective interest, public property and social programs. So, what are the pros and cons of a mixed economy? Mixed Economy• Mixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies. Mixed Economy A mixed economy is an economic system that incorporates aspects of more than one economic system. Put simply, a mixed economy is a system wherein both public and private enterprise occur. Imbalance in the Economy- The mixed economy cannot provide proper development as the government wants to maintain a balance between the private and public sector. So, essentially, a mixed economy is one wherein free markets and government intervention work together (or at least alongside one another). But the idea of While a mixed economy combines free market with central government planning and intervention, a market economy relies purely on the free market (and the rules of supply and demand) to regulate the economy. 3. Read more about command economies here. Globalization makes it difficult for command or traditional economies to avoid becoming a mixed economy. That could increase the country's debt, slowing down economic growth in the long run. Republicans Economic Views and How They Work in the Real World. “Economics,” Page 691. While there are other kinds of economies like the command, traditional, or market economy, the mixed economy has famously been successful in balancing public needs with private incentives and has led to some of the strongest economies in the world. McGraw HIll Education, 2010. But people have been told over and over again through almost every public and educational outlet that business is about greed, exploitation and abuse of consumers and employees. ...A "Mixed" Economy A "mixed" economy is a mix between socialism and capitalism. A market economy has six defining characteristics. The United States has all six characteristics of a market economy. But, how is the mixed economy different from other kinds of economies? E.g. In the mixed economy, the private and public sectors are closely related and both work as constituents of a unit. It is a hodgepodge of freedoms and regulations, constantly changing because of the lack of principles involved. The federal government uses regulations to support economic priorities, such as agriculture. Another reason is that the free market is the basis for the global economy. "The Constitution of the United States: A Transcription," Accessed Feb. 8, 2020. 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