ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.

Detailed explanation-2: -Alternatively, a mixed economy can refer to a reformist transitionary phase to a socialist economy that allows a substantial role for private enterprise and contracting within a dominant economic framework of public ownership.

Detailed explanation-3: -In practice, however, communism is the name often given to a revolutionary form of socialism, also known as Marxism-Leninism, which took root in the Soviet Union and China during the 20th Century.

Detailed explanation-4: -A socialist system does not have a separate estate because everything is controlled by the government. Mixed economy: Mixed systems have characteristics of both the command and the market economic system. For this purpose, the mixed economic systems are also known as dual economic systems.