ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Mixed economies socialize select industries that are deemed essential or that produce public goods. All known historical and modern economies are examples of mixed economies, though some economists have critiqued the economic effects of various forms of mixed economy.

Detailed explanation-2: -Why are most economies in the world today considered mixed economies? Most economies are considered mixed because most have some portion of the means of production under government control. Most economic systems also have some element of the market or capitalism.

Detailed explanation-3: -Mixed Economy Definition. The mixed economy definition is an economy where both the private market and the government control the factors of production. It is the most common form of economy that exists in the world today.

Detailed explanation-4: -Countries like England, France, and India follow the mixed economic system where both, the state and private players, have control over the resources of distribution. Q.

Detailed explanation-5: -Historical Development of India’s Economy In 1991, India began to loosen its economic restrictions and an increased level of liberalization led to growth in the country’s private sector. Today, India is considered a mixed economy: the private and public sectors co-exist and the country leverages international trade.