मिश्रित अर्थव्यवस्था (Mixed Economy) | Dr. Harsh Mani Singh| Most Important Classes for UPSC

A mixed economy is variously defined as an economic system blending elements of market economies with elements of planned economies, free markets with state interventionism, or private enterprise with public enterprise. There is no single definition of a mixed economy, but rather two major definitions. The first of these definitions refers to a mixture of markets with state interventionism, referring to capitalist market economies with strong regulatory oversight, interventionist policies and governmental provision of public services. The second definition is political in nature and strictly refers to an economy containing a mixture of private enterprise with public enterprise.

In most cases, and particularly with reference to Western economies, the term "mixed economy" refers to a capitalist economy characterized by the predominance of private ownership of the means of production with profit-seeking enterprise and the accumulation of capital as its fundamental driving force. In such a system, markets are subject to varying degrees of regulatory control and governments wield indirect macroeconomic influence through fiscal and monetary policies with a view to counteracting capitalism's history of boom/bust cycles, unemployment and income disparities. In this framework, varying degrees of public utilities and essential services are provided by government, with state activity often limited to providing public goods and universal civic requirements - such as healthcare, physical infrastructure and management of public lands. This contrasts with Laissez-faire capitalism, where state activity is limited to providing public goods and services as well as the infrastructure and legal framework to protect property rights and enforce contracts.

In reference to post-World War II Western European economic models as championed by Christian democrats and social democrats, the mixed economy is a form of capitalism where most industries are privately owned with only a small number of public utilities and essential services under public ownership. In the post-war era, European social democracy became associated with this economic model, as evidenced by the implementation of the welfare state.

indian economy,भारतीय अर्थव्यव्यस्था,economy by ramesh singh,ias study material,pcs study materials,upsc,uppsc,Dr. Harsh Mani Singh,online economics Class,Economics e learning,economics best lecture,harsh mani sir,prashant ghosh sir,Allahabad university,