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Economics and Business > Businesses under Mixed Economic Systems
Businesses under Mixed Economic Systems
• Mixed Economies
• The Benefits of Mixed Economies
• The Disadvantages of Mixed Economies
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Economics and Business > Businesses under Mixed Economic Systems
Mixed Economies
• The term Mixed Economy is very broadly defined and has been used to describe
economies as diverse as the United States and Cuba.
• The means of production are privately owned, and markets remain the dominant
form of economic coordination. However, governments wield significant influence
over the economy through monetary and fiscal policy and regulation.
• Characteristics of mixed economies include welfare systems, employment
standards, environmental protection, publicly owned enterprises, and antitrust
policies.
• Keynesian economics advocates the presence of a mixed economy. This line of
thought subsided between 1970 and 2000, but has regained considerable
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popularity after the financial crisis of 2008.
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Economics and Business > Businesses under Mixed Economic Systems
The Benefits of Mixed Economies
• Mixed economies allow many more freedoms than command economies, such as
the freedom to possess the means of production; to participate in managerial
decisions; to buy, sell, fire, and hire as needed; and for employees to organize
and protest peacefully.
• Mixed economies have a high level of state participation and spending, leading to
tax-funded libraries, schools, hospitals, roads, utilities, legal assistance, welfare,
and social security.
• Various restrictions on business are made for the greater good, such as
environmental regulation, labor regulation, antitrust and intellectual property laws.
• The ideal combination of these freedoms and restrictions is meant to ensure the
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maximum standard of living for the population as a whole.
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Economics and Business > Businesses under Mixed Economic Systems
The Disadvantages of Mixed Economies
• One disadvantage of mixed economies is that they tend to lean more toward
government control and less toward individual freedoms.
• While most modern forms of government are consistent with some form of mixed
economy, the mixed economy is most commonly associated with social
democratic parties or nations run by social democratic governments.
• Some critics of contemporary social democracy argue that when social
democracy abandoned Marxism it also abandoned socialism and has become, in
effect, a liberal capitalist movement.
• Marxian socialists argue that because social democratic programs retain the
capitalist mode of production they also retain the fundamental issues of
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capitalism, including cyclical fluctuations, exploitation and alienation.
• The democratic socialist critique of social democracy states that capitalism could
never be sufficiently "humanized" and any attempt to suppress the economic
contradictions of capitalism would only cause them to emerge elsewhere.
• Market socialists criticize social democracy for maintaining a property-owning
capitalist class, which has an active interest in reversing social democratic
policies and a disproportionate amount of power over society to influence
governmental policy as a class.
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Appendix
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Economics and Business
Key terms
• Keynesian Economics The group of macroeconomic schools of thought based on the ideas of 20th-century economist John
Maynard Keynes. Advocates of Keynesian economics argue that private sector decisions sometimes lead to inefficient
macroeconomic outcomes that require active policy responses by the public sector, particularly monetary policy actions by the
central bank and fiscal policy actions by the government to stabilize output over the business cycle.
• mixed economies a system in which both the state and private sector direct the way goods and services are bought and sold
• mixed economy An economic system in which both the state and private sector direct the economy, reflecting characteristics of
both market economies and planned economies.
• mixed economy Mixed economy is an economic system in which both the state and private sector direct the economy,
reflecting characteristics of both market economies and planned economies.
• monopoly An exclusive control over the trade or production of a commodity or service through exclusive possession.
• protectionism A policy of protecting the domestic producers of a product by imposing tariffs, quotas or other barriers on imports.
• regulation A law or administrative rule, issued by an organization, used to guide or prescribe the conduct of members of that
organization.
• social democracy a moderate political philosophy or ideology that aims to achieve socialistic goals within capitalist society such
as by means of a strong welfare state and regulation of private industry
• Social Security A system whereby the state either through general or specific taxation provides various benefits to help ensure
the wellbeing of its citizens.
• welfare state A social system in which the state takes overall responsibility for the welfare of its citizens, providing health care,
education, unemployment compensation and social security.
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Economics and Business
Marketplace
Private investment, freedom to buy, sell, and profit, combined with economic planning by the state, including significant regulations (e.g. wage or price
controls), taxes, tariffs, and state-directed investment.
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Economics and Business
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The Democratic party in the United States is seen by some critics of contemporary social democracy (and mixed economies) as a watered-down, procapitalist movement.
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Economics and Business
A mail truck
Restrictions are sometimes placed on private mail systems by mixed economy governments. For example, in the United States, the USPS enjoys a
government monopoly on nonurgent letter mail as described in the Private Express Statutes.
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Economics and Business
Supporters view mixed economies as superior to, and a
compromise between, which two economic systems?
A) communism and state socialism
B) state socialism and laissez-faire capitalism
C) communism and laissez-faire capitalism
D) laissez-faire capitalism and authoritarianism
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Economics and Business
Supporters view mixed economies as superior to, and a
compromise between, which two economic systems?
A) communism and state socialism
B) state socialism and laissez-faire capitalism
C) communism and laissez-faire capitalism
D) laissez-faire capitalism and authoritarianism
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Economics and Business
Which of the following best describes an economic system in
which both the state and private sector direct the economy?
A) a market economy
B) a mixed economy
C) a planned economy
D) a socialist economy
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Economics and Business
Which of the following best describes an economic system in
which both the state and private sector direct the economy?
A) a market economy
B) a mixed economy
C) a planned economy
D) a socialist economy
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Economics and Business
In a mixed economy, what remains as the fundamental driving
force behind economic activity?
A) social welfare
B) proletarianism
C) universal education
D) profit-seeking
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Economics and Business
In a mixed economy, what remains as the fundamental driving
force behind economic activity?
A) social welfare
B) proletarianism
C) universal education
D) profit-seeking
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Economics and Business
Which of the following is the government in a mixed economy
LEAST likely to provide?
A) universal healthcare
B) environmental protection
C) a standardized welfare system
D) maintenance of competition
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Economics and Business
Which of the following is the government in a mixed economy
LEAST likely to provide?
A) universal healthcare
B) environmental protection
C) a standardized welfare system
D) maintenance of competition
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Economics and Business
Which of the following is NOT a freedom that has been
demonstrated to be present in a mixed economy?
A) to travel
B) to make equal wages
C) to participate in managerial decisions
D) to possess means of production
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Economics and Business
Which of the following is NOT a freedom that has been
demonstrated to be present in a mixed economy?
A) to travel
B) to make equal wages
C) to participate in managerial decisions
D) to possess means of production
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Economics and Business
The presence of what in a mixed economy brings a sense of
security to sellers and buyers?
A) government
B) profit
C) competition
D) markets
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Economics and Business
The presence of what in a mixed economy brings a sense of
security to sellers and buyers?
A) government
B) profit
C) competition
D) markets
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Economics and Business
Which of the following is allowed in a mixed economy under
government watch so that it is still possible for entrepreneurs in
the same industry to succeed?
A) private ownership
B) investment
C) monopolies
D) competition
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Economics and Business
Which of the following is allowed in a mixed economy under
government watch so that it is still possible for entrepreneurs in
the same industry to succeed?
A) private ownership
B) investment
C) monopolies
D) competition
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Economics and Business
Which of the following may cost a company so much that it is
forced out of business?
A) diminishing class-conflict
B) free market capitalism
C) regulation requirements
D) corporatism
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Economics and Business
Which of the following may cost a company so much that it is
forced out of business?
A) diminishing class-conflict
B) free market capitalism
C) regulation requirements
D) corporatism
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Economics and Business
Which of the following may cause shortages in goods and can
result in a recession?
A) lack of price control management
B) unsuccessful government regulations
C) excessive taxation
D) class collaboration
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Economics and Business
Which of the following may cause shortages in goods and can
result in a recession?
A) lack of price control management
B) unsuccessful government regulations
C) excessive taxation
D) class collaboration
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Economics and Business
Which of the following philosophies criticizes social democracy for
maintaining a property-owning capitalist class?
A) market socialism
B) Marxist socialism
C) democratic socialism
D) the Democratic party
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Economics and Business
Which of the following philosophies criticizes social democracy for
maintaining a property-owning capitalist class?
A) market socialism
B) Marxist socialism
C) democratic socialism
D) the Democratic party
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Economics and Business
Attribution
• Wikispaces. "resourcesforhistoryteachers - E.1.7." CC BY-SA http://resourcesforhistoryteachers.wikispaces.com/E.1.7
• Wikipedia. "Social democratic." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Social_democratic
• Wikipedia. "Mixed economy." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Mixed_economy
• Wikipedia. "Planned economy." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Planned_economy
• Wikispaces. "APUSHistorycle - home." CC BY-SA http://apushistorycle.wikispaces.com/
• Wiktionary. "social democracy." CC BY-SA 3.0 http://en.wiktionary.org/wiki/social+democracy
• Wiktionary. "regulation." CC BY-SA 3.0 http://en.wiktionary.org/wiki/regulation
• Wikipedia. "mixed economy." CC BY-SA 3.0 http://en.wikipedia.org/wiki/mixed%20economy
• Wikipedia. "Category:Mixed economies." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Category:Mixed_economies
• Wikipedia. "Keynesian economics." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Keynesian_economics
• Wikipedia. "Mixed economy." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Mixed_economy
• Wikipedia. "Mixed economies." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Mixed_economies
• Wiktionary. "welfare state." CC BY-SA 3.0 http://en.wiktionary.org/wiki/welfare+state
• Wikipedia. "Keynesian Economics." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Keynesian%20Economics
• Wikipedia. "mixed economy." CC BY-SA 3.0 http://en.wikipedia.org/wiki/mixed%20economy
• Wikipedia. "Mixed economy." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Mixed_economy#Historic_examples
• Wikipedia. "Mixed economy." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Mixed_economy
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Economics and Business
• Wikispaces. "APUSHistorycle - home." CC BY-SA http://apushistorycle.wikispaces.com/
• Wikispaces. "resourcesforhistoryteachers - E.1.7." CC BY-SA http://resourcesforhistoryteachers.wikispaces.com/E.1.7
• Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//economics/definition/monopoly
• Wiktionary. "protectionism." CC BY-SA 3.0 http://en.wiktionary.org/wiki/protectionism
• Wiktionary. "Social Security." CC BY-SA 3.0 http://en.wiktionary.org/wiki/Social+Security
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