Which economic system features both private ownership and government control?

A mixed economy is characterized by the coexistence of private ownership and government intervention in the marketplace. This system allows for the benefits of a free market, where individuals and businesses can make their own economic decisions, while also incorporating some level of government regulation to address social welfare, public goods, and externalities.

This balance aims to combine the efficiency and innovation associated with private enterprises with the protective and stabilizing functions of government. In a mixed economy, the government may control certain industries or provide services that are deemed essential for the collective good, such as healthcare, education, and infrastructure.

Other economic systems, like traditional economies, are typically rooted in customs and do not primarily engage in government control or private enterprise in a modern sense. Command economies rely heavily on government control without much room for private ownership, leading to a lack of market-driven incentives. Market economies, on the other hand, prioritize private ownership and minimal government involvement, which can result in inequalities and inadequate public goods. Thus, the essence of a mixed economy lies in its integration of both private and public elements to harness the strengths of each system.