Questions what is the main features of the socialist economy?

What is mixed economy?

Key words: private ownership, economy, control.

A mixed economy is variously defined as an economic system blending elements of a market economy with elements of a planned economy, free markets with state interventionism, or private enterprise with public enterprise.

Mixed economies typically maintain private ownership and control of most of the means of production, but often under government regulation. Mixed economies socialize select industries that are deemed essential or that produce public goods. ... Classical and Marxist theorists say that either the law of value or the accumulation of capital is what drives the economy, or that non-monetary forms of valuation (i.e. transactions without cash) are what ultimately propel the economy. These theorists believe that Western economies are still primarily based on capitalism because of the continued cycle of accumulation of capital. 

Most mixed economies retain characteristics of a traditional economy, but those traditions don't guide how the economy functions. The traditions are so ingrained that the people aren’t even aware of them. For example, they still fund royal families. Others invest in hunting and fishing. Key Takeaways. A mixed economy combines market, command, and traditional economies. It has both the advantages and disadvantages of other types of economies. ... The Fifth Amendment protects ownership of private property. It also limits government interference in business operations. That promotes the innovation that's a hallmark of a market economy.

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