The third economic system commonly mentioned alongside capitalism and socialism is typically referred to as mixed economy or mixed market economy. In this system, elements of both capitalism and socialism coexist, with a combination of privately-owned businesses and government intervention in economic activities. This hybrid approach allows for a certain degree of economic freedom and competition while also emphasizing social welfare and public services.
The economic system that is commonly mentioned, in addition to capitalism and socialism, is a mixed economy. A mixed economy is a combination of both capitalist and socialist aspects. In this system, elements of free markets and private ownership coexist with some degree of government intervention and social welfare programs. Many countries around the world, including the United States, Canada, and most European countries, are considered to have mixed economies.
