ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In practice, most countries of the world are mixed economies, although some are more market-oriented and others are more state-led. Library of Economics and Liberty.

Detailed explanation-2: -Although some form of capitalism is the basis for nearly all economies today, for much of the past century it was but one of two major approaches to economic organization. In the other, socialism, the state owns the means of production, and state-owned enterprises seek to maximize social good rather than profits.

Detailed explanation-3: -Despite those philosophical and moral objections, almost all modern economic systems in the world today are mixed economies. While the globalization of the world economy limits government intervention in free trade, governments still retain mechanisms for social welfare exceptions to the free market rule.

Detailed explanation-4: -It is the most common form of economy that exists in the world today. All of the major developed and developing nations are a mixed economy, as well as many of the smaller developed and developing nations. This is due to the fact that a completely capitalist economy, for example, has never existed.

Detailed explanation-5: -Of the economies that are mixed, what is the most dominant type of mixed economy? Most economies in the world are mixed economies. The majority of those are mostly capitalistic with market features.