mixed economy

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Related to Mixed economies: Command economies, Market economies

mixed economy

see ECONOMY.

mixed economy

a method of organizing the economy to produce goods and services. Under this ECONOMIC SYSTEM, some goods and services are supplied by private enterprise and others, typically basic INFRASTRUCTURE goods and services such as electricity, postal services and water supply are provided by the state.

The mixed economy is a characteristic feature of most present-day developed and developing countries, ‘pure’ or totally PRIVATE ENTERPRISE ECONOMIES and CENTRALLY PLANNED ECONOMIES being rarely encountered. The precise ‘mix’ of private enterprise and state activities to be found in particular countries, however, does vary substantially between these two extremes and is very much influenced by the political philosophies of the country concerned. See NATIONALIZATION, PRIVATIZATION.