Write a Short Note on Mixed Economy

Mixed economy:

    The mixed economy shares features of private capitalism and state capitalism. It is characterised by the coexistence of public and private sectors and the overall government regulation of the economy. According to Pickersgill "The primary difference between the mixed economy and market socialism is the relatively greater importance of individual decision-making. private property, and the reliance on market determined prices to guide the allocation of resources. The mixed economy differs from competitive capitalism with respect to the share of collective decision-making in the economy". In a mixed economic system, "There is wide latitude for government participation. The government may function as a mediator   between conflicting economic groups as well as a consumer of the end-product of business and labour. Government may also attempt to guide the direction of the economy through the imposition of restrictions and grant of privileges to the private sector as well as by some form of planning".