What type of economic system does Colombia have?


Quick Answer

As of 2014, Colombia runs a mixed economic system with major commercial and investment ties to the United States. A mixed economy is one in which both the private sector and the government direct the economy. Colombia's main exports are oil and coal.

Continue Reading
What type of economic system does Colombia have?
Credit: Romulo Rejon Moment Getty Images

Full Answer

A mixed economy combines characteristics of market economies and planned economies. This means that, like in a market economy but unlike a planned economy, there is private ownership of the means of production. Private individuals seek profit through the accumulation of money, or capital. But, unlike a free-market economy, the government does have indirect influence, oversight and regulation.

Learn more about Economics

Related Questions