Question

What is a market-driven mixed economy? Illustrate your answer with examples.

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Market-driven mixed economy is economic system which contains properties and elements of all three economic systems: traditional, command and market economy. This economic system us mostly driven by the market and market's decisions, but, also, it contains some elements of traditional and command economies. Typical example of market-driven mixed economy is economy of the U.S. The United States economy is traditional because people who work and live on farms still respect tradition and old customs. This economy is also command, because government decides about public goods, such as schools, roads, important buildings, bridges and other infrastructures. But, we can say that the economy of the U.S. is mostly market-driven economy because of free market and private property ownership.

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