What Is A Mixed Economic System At The Philippines And Defined An Economic Development?


3 Answers

Joe McHugh Profile
Joe McHugh answered
A mixed economy means that there is a balance between private and public enterprises. In most countries, not just the Philippines, this sort of economy is preferred as it allows a mix of central control over essential services as well as allowing private companies to flourish; generating wealth and providing employment.

  • Public services

By providing high quality public services in areas such as electricity, gas, water and public transport such as roads, trains, buses and trams a degree of control can be placed over a country's infrastructure. With central investment over key services it provides an element of stability and allows businesses some assurance to base their future plans around.

  • Private investment

In order for an economy to fully develop a flourishing private sector is essential. With different companies offering their services, it ensures competition and keeps prices competitive. These sorts of businesses can just as easily be in manufacturing as in the service sector and can provide employment opportunities on a large scale.

By encouraging and providing for private enterprises an economy achieves balance, being reliant on one sector or the other can create problems through over reliance.

  • Summary

By providing a balanced economy a country stands the best chance of providing future economic growth. Both private and public sectors are by necessity linked.

A strong public sector providing a quality infrastructure gives the private sector the stability to make long term decisions. Providing a secure infrastructure of essential services allows a government a degree of control over the economy while also providing a platform for individual businesses to thrive.

With a balanced economy private businesses are able to grow and develop which provides employment and wealth to the local population.
Aisha Profile
Aisha answered
A Mixed economic system or a Mixed economy is a kind of contemporary economic systems. It is a mixture of state owned and privately owned enterprises where elements of capitalism and socialism are combined. Philippines economy can be called a mixed economy. As the private and the government sector both are contributing to the economy. The private sector has economic freedom to a certain extent and the government intervenes by its centralized economic plans.
Anonymous Profile
Anonymous answered
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