How mixed economy managed to become the most popular type of economy in the world.

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How mixed economy  managed to become the most popular type of economy in the world.

Robert · Accepted Answer

MIXED ECONOMY & ITS FEATURES 
A mixed economy is one, which is characterized by the mixture of private and public 
ownership of the means of production and distribution. Some decisions are taken at 
household level, some at firms and some by the planning authority. All developing countries 
like India are mixed economies.  
The public sector is under the control and direction of the state. All decisions regarding what, 
how and for whom to produce are taken by the state. Public utilities, such as rail construction, 
road building, canals, power supply, means of communication, etc., are included in the public 
sector. They are operated for public welfare and not for profit motive. 
There is a private sector operates in farming, plantations, mines, internal and external trade, 
and in the manufacture of consumer goods and some capital goods. This sector operates 
under state regulations in the interest of public welfare. In certain fields of production, both 
public and private sectors operate in a competitive spirit. This is again in the interest of the 
society. 
A mixed economy also has a joint sector, which is run jointly by the state and private 
enterprises. It is organised based on a joint stock company where the majority shares are held 
by the state. Under a mixed economy, a sector is formed on cooperative principles.

How mixed economy managed to become the most popular type of economy in the world.

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