Mixed Economy by Casey Reece

An Introduction

A mixed economy is an economic system combining private and public enterprise. It can combine practices or ideas from capitalist, socialist, or communist structures. Finland, a country with such a system, is the 19th freest economy in the world and the 9th best out of the 43 countries in the European region. It achieves its success through a limited capitalistic system with a touch of socialistic practices.
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Government Regulations

Finland has many governmental regulations that resemble some socialistic ideals. There are guidelines on procedures that need to be taken by those who want to start a business and on business practices. Businesses sometimes cannot produce certain things or are limited in what they can produce. There are many labor regulations to ensure the fair treatment of workers in terms of wages and working hours. Some control is indirect: there are tariffs to encourage domestic production and the government uses subsidies to encourage green energy and development in the industry. However, like in capitalism, there are still open markets: businesses are not entirely controlled by the government and are free to produce, sell, and trade their products domestically and internationally.

Differences From America

In Finland, government corruption is less of a problem and taxes are higher to increase funding (the total tax burden is 44.1% of domestic income), which allows more regulations to be passed. Labor rights and equality are better than in the United States, one of the factors that makes the citizens of Finland happier. In all, Finland has many more regulations on its economy than the United States because its mixed economy is more socialistic than ours is.