Mixed Economy Social 9 - Chapter 6.

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Presentation transcript:

Mixed Economy Social 9 - Chapter 6

Mixed economy Most economies in the world today are mixed Classification is based on how much government intervention there is Economic system in which both the STATE and PRIVATE SECTOR direct the economy Reflects characteristics of both market and planned economies

Canadian example • Stabilization of the economy to prevent booms and busts (Monetary Policy) Control of bank interest rates Control $ supply (Fiscal Policy) Increase or decrease taxes Increase or decrease government spending BANK OF CANADA

Government Laws & Regulations Agriculture Govt. marketing boards Influence prices Crop controls Quotas to limit production Food inspection Negotiate sales of wheat to foreign nations Regulation of the Market Quality controls Some price controls Prevention of monopolies to preserve competition Deregulation A reduction of govt. restrictions on business enterprises. (neo-conservatives)

Redistribution of Wealth to Provide Security Old age pension Unemployment insurance child tax credit Welfare Provision of Financial Support to Businesses Subsidies to failing businesses Provision of public services (universality) Schools Police Fire control Hospitals Parks Etc.

Government Owned Business Crown Corporations (nationalized industry) CBC Radio and TV Royal Canadian Mint Canada Post Corporation Reasons… Control an area of the economy which is vital to general welfare of nation. To provide goods/services private entrepreneurs are unable to provide. Earn income for the government. To rescue companies from bankruptcy. Help stabilize economy.

Privatization Keynesian Methods (deficit financing) created a $580 billion dollar deficit by 1996. Canadian govt. began cutting social programs. Selling of state owned companies to private industry. (Thatcherism/Reaganomics) Create more efficiency in govt. Cut bureaucracy in govt. Mulroney 1984-1992 Privatized 39 crown corps. Provincial Government - Alberta Liquor Licensing Telephone

Direct Taxes: Those paid by citizens. (GST/Income tax) Indirect Taxes: Hidden in the price of goods. (excise tax)

There are many direct and indirect controls over our economic system. The good news is that these many government programs and regulations have provided us with increased stability, security, and equality. The bad news is that we have lost some individual freedoms and that the cost to taxpayers is high.