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Command Economy Vs Mixed Economy

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A traditional economy is very different than what Americans are used to today. It is system that is based off of customs, time-honored beliefs, and traditions. Traditions that passed down by ancestors’ experiences guide their everyday life and help them make economic decisions. This type of economy strictly depends on agriculture and is most common in a hunter/gatherer or nomadic society. A few main tasks are key to having a successful traditional economy, such as hunting, gathering, and cultivation. Most traditional economies produce only what they need, rarely do they produce surplus, but if they do, it is given to either a landowner or higher authority. Barter is a tremendously important factor to this type of economy. This economy has many …show more content…

It shares the characteristics of a market economy by protecting private property, allowing the supply and demand to determine prices, and motivating self-interest. Characteristics from a command economy that are involved in a mixed economy are that the government shields its people and its market as well as being a major part of the military and international trade. Some traditions are invested into a mixed economy would be the investment of hunting and fishing. This type of economy rewards the most efficient producers with higher profit, while allowing prices to measure supply and demand. Also, since the government steps up and makes sure that the less competitive members receive care, it overcomes the downfall that a market economy endures. Some of the disadvantages that come with the characteristics of the other economies still carry over to a mixed economy. For example, in a market economy if people have too much freedom, it will result in the members, who are less competitive, without any government support. Having central planning of a government can also have downfalls, such as a monopoly taking over leading the country into debt. Another negative is that the government has the power to decide how much to tax, which sometimes lead to revolts. The mixed economy was established from the United States Constitution, protecting private property, limiting government involvement but encourages the government to promote general welfare, and protects the rights of each group to practice their beliefs. Most of the world’s major economies are now mixed economies. France, Iceland, and Sweden are just a few countries that have mixed

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