Countries with mixed economies include Iceland, Sweden, France, the U.S, the U.K, Cuba, Russia and China. Most industrial countries have mixed economies, but vary in the degree of government involvement. For example, in Western Europe the government generally has a stronger role, while in North America the market is more influential. The only major planned economy is North Korea.Continue Reading
A mixed economy is one in which both market forces and government actions guide commerce. The government does not control the private sector nor the goods and services available. However, the government is able to intervene in the economy through such methods as the taxation and regulation of goods and services, subsidization of certain goods and services and the redistribution of wealth, such as though public housing, social programs and food stamps. During times of economic hardship, such as during a recession, the government can create policies to provide economic stability.
This is in contrast to market and planned economies. A market economy is one that is primarily directed by businesses and consumer demand, with little government intervention. A planned economy is one in which the government controls the production of goods and services. Communism and socialism are types of planned economies.Learn more about Economics
In addition to the European Union, the 19 countries that make up the G20 (Group of Twenty) are Japan, Italy, Indonesia, Brazil, Australia, Argentina, Canada, France, Germany, China, Saudi Arabia, Mexico, the United Kingdom, South Africa, Turkey, Russia, South Korea, the United States and India. The group was established in 1999.Full Answer >
Only eight countries in the world are known to possess nuclear weapons, as of 2014: the United States, Russia, China, France, the United Kingdom, Israel, Pakistan and India. North Korea may possess fewer than 10 nuclear warheads, according to the International Campaign to Abolish Nuclear Weapons (ICAN)..Full Answer >
As of 2014, the economy of Russia is a more market-based and global economy. Economic reforms that took place in 1990 has lead to privatized industries.Full Answer >
As of 2014, Iran, Cuba, China and North Korea have command economies. In a command or planned economy, a central government authority formulates economic decisions, and the government implements each plan through legislation, directives and regulations. Suppressing free-market forces allows governments to reach specific societal objectives.Full Answer >