How Does A Free-market Economic System Influence Socio-economic Development?

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A economy is an economic system that includes a variety of public and government control, or a mixture of capitalism and socialism.There is not one single definition for a mixed economy but relevant aspects include: A degree of private economic freedom (including privately owned industry) intermingled with centralized economic planning and government regulation (which may include regulation of the market for environmental concerns, social welfare or efficiency, or state ownership and management of some of the means of production for national or social objectives).
For some states, there is not a consensus on whether they are capitalist, socialist, or mixed economies. Economies ranging from the United States to Cuba have been termed mixed economies.
The mixed economy as an economic ideal is supported by social democrats as a compromise between socialism and free-market capitalism, among others.

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