Response to mixed economy

MIXED ECONOMY IS A TERM USED TO DESCRIBE AN ECONOMIC SYSTEM, WHERE SOME IMPORTANT PRODUCTION IS UNDERTAKEN BY THE STATE, DIRECTLY OR THROUGH ITS NATIONALISED INDUSTRIES, AND SOME IS LEFT FOR PRIVATE ENTERPRISE. IT IS ALSO DEFINED AS "AN ECONOMY CONTAINING THE CHARACTERISTICS OF BOTH CAPITALISM AND SOCIALISM, THAT IS, A COMBINATION OF PRIVATE AND PUBLIC OWNERSHIP OF THE MEANS OF PRODUCTION, WITH SOME MEASURE OF CONTROL BY THE CENTRAL GOVERNMENT". IT IS A TYPE OF ECONOMY IN WHICH PRIVATE AND PUBLIC SECTORS CO-EXIST AND TRY TO RETAIN THE ADVANTAGES OF CAPITALISM AND SOCIALISM WHILE TRYING TO ELIMINATE THE EVILS OF BOTH THE SYSTEMS.

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