Why are most economies today considered mixed economies?

Most economy today prefer the mixed economic system due to quite a number of reason. Mixed Economy is the economic system that allows an individual set up business, provides goods and services, thereby making profit. The government also establishes institutions to provide for the social and economic welfare and needs of the people. This economy system is the only economy system that gives room for both individual and government in the production process of the economy. It combines Capitalism and socialism.

Explanation:

Most countries now adopt this kind of Economic system for the following reasons

1) It gives room for both government and private individuals to take managerial decision in the economy

2) It creates room for a stable economy.

3. It ensures maximum standard of living in the economy. As individuals who can't afford to patronize the forms owned by the private individuals, patronizes those owned by the government

4. It ensures that the society is protected by the full swings of the market and the exploit of private institutions

5. It allows economic freedom, as both government and private individuals answer the basic economic problem of the society

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