Mixed Economies Around the World
The majority of the economies on the planet are mixed economies to some extent, however there are some that lean more towards a free market economy than others, those on that list include:
The United States
A mixed economy brings in the most favorable traits of the three base economic systems and creates a new balanced economic system that is more stable than any of the three base systems. Some examples of the advantages are:
- Slight government regulation
- Consumer sovereignty
- Private Property
- More stable/ structured economy
- Security is provided to those who cannot be productive
There is no truly perfect economic system and while a mixed economy does have many advantages, it also suffers from its fair share of problems such as:
- Mixed economies lean more toward government control in many situations
- Less efficient than some other economic systems
- Proper distribution of wealth.
The Three Questions
What will be produced?
A mixed economy tackles the questions of what it will produce in the simplest of ways, it will produce everything. A mixed economy is a mix of the three economic systems, traditional, command, and market. Because of how it blends the three systems, it becomes nearly self sufficient, producing its own food and other products based off of supply and demand.
How will it be produced?
Mixed economies take advantage of their far reaching connections and uses them to produce their products around the world. Whether that means using another companies resources in another country, getting resources from other countries, or using their own local resources, mixed economies manage to produce everything quickly and efficiently.
For whom will it be produced?
Mixed economies are very strong and widespread in nature and because of this they have far reaching global connections. These connections allow them to produce goods for various individuals and corporations around the world and allows them to adjust prices so that there will always be someone somewhere able to afford what they are producing.