Mixed Economy
An
economic system that features characteristics of both capitalism and socialism.
A mixed economic system allows a level of private economic freedom in the use
of capital, but also allows for governments to interfere in economic activities
in order to achieve social aims. This type of economic system is less efficient
than capitalism, but more efficient than socialism.
The key idea of why countries choose to adopt a mixed economy is, for as long as the government (local, state or federal) taxes its businesses and households, there will be a mixed economy. Governments don not money of their own, that is why they tax us. those funds are then used for community or social or political ends and therefore are under the control of government agencies. For example, countries like Norway have a mixed economy. That is why they adopt a mixed economy.
Links
Investopedia - definition of a mixed economy
The key idea of why countries choose to adopt a mixed economy is, for as long as the government (local, state or federal) taxes its businesses and households, there will be a mixed economy. Governments don not money of their own, that is why they tax us. those funds are then used for community or social or political ends and therefore are under the control of government agencies. For example, countries like Norway have a mixed economy. That is why they adopt a mixed economy.
Links
Investopedia - definition of a mixed economy