- published: 27 Mar 2014
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Mixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies. Most mixed economies can be described as market economies with strong regulatory oversight, in addition to having a variety of government-sponsored aspects. See Elements of a mixed economy.
The basic plan of the mixed economy is that the means of production are mainly under private ownership; that markets remain the dominant form of economic coordination; and that profit-seeking enterprises and the accumulation of capital would remain the fundamental driving force behind economic activity. However, the government would wield considerable indirect influence over the economy through fiscal and monetary policies designed to counteract economic downturns and capitalism's tendency toward financial crises and unemployment, along with playing a role in interventions that promote social welfare. Subsequently, some mixed economies have expanded in scope to include a role for indicative economic planning and/or large public enterprise sectors.
Ayn Rand ( /ˈaɪn ˈrænd/; born Alisa Zinov'yevna Rosenbaum, February 2 [O.S. January 20] 1905 – March 6, 1982) was a Russian-American novelist, philosopher, playwright, and screenwriter. She is known for her two best-selling novels The Fountainhead and Atlas Shrugged and for developing a philosophical system she called Objectivism.
Born and educated in Russia, Rand moved to the United States in 1926. She worked as a screenwriter in Hollywood and had a play produced on Broadway in 1935–1936. After two initially unsuccessful early novels, she achieved fame with her 1943 novel The Fountainhead. In 1957, she published her best-known work, the philosophical novel Atlas Shrugged. Afterward she turned to nonfiction to promote her philosophy, publishing her own magazines and releasing several collections of essays until her death in 1982.
Rand advocated reason as the only means of acquiring knowledge and rejected all forms of faith and religion. She supported rational and ethical egoism, and rejected ethical altruism. In politics, she condemned the initiation of force as immoral and opposed all forms of collectivism and statism, instead supporting laissez-faire capitalism, which she believed was the only social system that protected individual rights. She promoted romantic realism in art. She was sharply critical of the philosophers and philosophical traditions known to her besides Aristotle.