Socialism (mixed economy)
Andi,Molly,Garrett
Definition
An economic system combining private and public enterprise.
A Socialist mixed economy takes the good parts from Capitalism and Socialism and combines them creating a new hybrid economy. Communism (full government control) is not included in this type of economy.
This economy is supported and grows through both private owned businesses (capitalism)and government run businesses (socialism).
In a mixed Socialist economy the governement indirectly controls the private busnesses through taxes and regulations.
pros and cons of mixed economy
Pros
There is a balance between government and the people
Cons
Higher taxes
Restrictive to many international trade activity's