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mcguinn mixed economy

mcguinn mixed economy - in government-owned firms...

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Brian McGuinn 908871358 Mixed Economies A mixed economy is one in which a countries economic resources are equally split between private and government ownership. Ownership by the government is usually in areas that are of public interest to be protected such as those important for national security and those that provide long-term stability for the economy. Examples include manufacturing plants necessary for military equipment, oil and gas production, and in France the electric utilities. Advantages usually seen in this type of economy include better welfare systems for the unemployed, nation-wide heath care, and job security
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Unformatted text preview: in government-owned firms. Disadvantages include higher levels of unemployment, slower economic development, less innovation, rising costs, defective products, and higher levels of waste. This is because the people with secure jobs in government businesses have less incentive to advance productivity, quality, or waste management in production. The slow economic growth has caused many countries with mixed economies to switch over to a market-based system or at least privatize portions of the government owned economic resources to become more competitive and increase efficiency....
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