ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Market
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Command
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Mixed
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Detailed explanation-1: -Democratic capitalism is a type of political and economic system characterised by resource allocation according to both marginal productivity and social need, as determined by decisions reached through democratic politics.
Detailed explanation-2: -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.
Detailed explanation-3: -Countries like the United States, United Kingdom, Germany, France, Russia, and China currently have mixed economies.
Detailed explanation-4: -Keynesian policies commonly supported by democratic socialists include significant economic regulation alongside a mixed economy, extensive social insurance schemes, generous public pension programs and a gradual expansion of public ownership over strategic industries.