Mixed Economic System Essay

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De-merit goods such as drugs, alcohol, cigarettes, and other products would be produced without interference or control from public authorities.

Public goods which are not produced for a profit but are produced because they are necessary such as street lighting, water, roads, and other such products/services are either priced very high or not produced at all.

The free market economy promotes the privatization of all industries as all resources are owned by private individuals in a free market economy and there is little or no government intervention (Polak, 2013).

The government does not nationalize any industries and does not interfere in the production of goods or services.

Accordingly, governments and economic advisors devise economic policies which classify the economy into the categories of one of the three types of economic systems.

However, governments may change these policies and may also change the economic systems adopted in a country when they feel it is required, although this process may take a long period of time (Ostrom, 2010).Additionally, as there would be no or little government intervention, the public would not be provided with benefits such as welfare schemes, pension schemes, and may not even be provided with fair pay according to the cost of living.Problems such as inflation and the occurrence of monopolies would also not be prevented by the government as the government would have no major role in the economy.This paper will aim to explain the three types of economic systems and their advantages and disadvantages and then commence with a critical evaluation of the advantages and disadvantages of England being a mixed economy rather than a complete free market economy or a pure command economy.The paper will begin with an explanation of the free market economy and the advantages and disadvantages of the free market economy, followed by the command economy and the advantages and disadvantages of the command economy.While most of the countries in the world are mixed economies, there are examples of countries which are closer to being free market economies or command economies.As with other economic concepts, each of the economic systems mentioned have their own respective advantages and disadvantages (Ostrom, 2010).Accordingly, a free market economy may be beneficial for the rich but may be highly detrimental for the poor.There is no example of a complete free market economy in the world but the USA comes closest to the definition of a free market or capitalist economy.The command economy system has become substantially outdated as most economies, such as China and the Soviet Union, are transitioning into mixed economic systems.This paper discusses the advantages and disadvantages of each of the economic systems and particularly focuses upon the advantages and disadvantages that England has of being a mixed economy rather than a free market economy or a command economy.

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