What Type of Economic System Does Colombia Have?

What Type of Economic System Does Colombia Have?

What Type of Economic System Does Colombia Have?

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.

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.