UNIT 6
Mixed Economies
Text A
No state today is completely communistic; no state is completely capitalistic.
The various national economic system tend towards communism or capitalism, and many are difficult to classify exactly.
It has been found necessary in many countries to control or regulate national economic condition.
Even the most dedicated free enterprise system, such as the USA, have felt this need.
The under-developed countries of the world are usually interested in control and longterm planning.
Such countries as India have had a number of plans guided by the goverment.
India makes a distinction between the public sector of the economy on the one hand and the private sector on the other hand.
Such system, with public and private sectors, are neither communistic or capitalistic, but are sometimes called mixed economies.
Britain today has a mixed economy.
In the public sector of British economic life are the nationalized industries like coal and steel, British Rail and BOAC.
In the private sector are the majority of the nation’s industries, both large and small.
The private sector includes giant companies like ICI and BP and a great of small family businesses.
In 1962 the British goverment set up an official body to plan national economic policies.
This body is called the National Economic Development Council.
The member of this council are representative of the employers, the employees and the other interested people.
BOAC : British Overseas Airways Corporation
ICI : Imperial Chemical Industries
BP : British Petroleum
Exercise
2. Answer these questions, basing your answers on the text.
a. Why is it difficult to classify many national economic system ?
b. What are the under-developed countries interested in ?
c. What the Indian system sometimes called ?
d. In which sector are the majority of British industries ?
e. What did the British goverment set up in 1962 ?
Aswer
a. The various national economic system tend towards communism or capitalism, and many are difficult to classify exactly.
( Base line 2 & 3 )
b. The under-developed countries of the world are usually interested in control and longterm planning.
( Base line 6 & 7 )
c. Such system, with public and private sectors, are neither communistic or capitalistic, but are sometimes called mixed economies.
( Base line 14 & 15 )
d. In the private sector are the majority of the nation’s industries, both large and small.
( Base line 19 & 20 )
e. In 1962 the British goverment set up an official body to plan national economic policies.
( Base line 23 & 24 )
