Mixed Economy In Canada

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Mixed economy; an economic system combining private and public or capitalism and socialism. Currently Canada’s economy is mixed. This means that both the government and citizens are involved. The government is involved in ways such as health care, education, and the environment whilst the citizens get to put in input to what they think is best for Canada. The public also can own industries but there are still industries in which the government owns. Market economy is an economic system that is fully run by the public and has little (unless market failure) to no government involvement. With advantages also comes disadvantages to which each is furthermore discussed in the following paragraphs. Economies affect everyone’s quality of life in our …show more content…
This country, primarily is made up of either poor people or rich people, meaning very little are in the middle class. According to PolitiFacts, “the top 400 wealthiest Americans have more wealth than half of all Americans combined." This could be due to the disadvantages such as the one previously listed from having a market economy. In every economy strikes occur. This can create problems with investors and productivity declines. Investopedia states in one of its published articles that one of the largest strikes in American history was The Great Southwest Railroad strike. Employees had claimed that they worked in unsafe conditions, worked oppressive hours and had low pay. This was a good enough reason for two hundred thousand workers to go on strike. The strike was eventually disbanded when the business hired non Union workers which resulted in the employees whom went on strike being dismissed. This is just one example of how a union ended up failing in the eyes of the employees and resulted in nine people killed. Advantages of having a mixed economy is that there are a wide variety of goods available to the public, the system responds quickly to people’s needs, provides motivation to acquire useful skills and has very little government involvement unless government involvement. The only time government involvement can occur is when market failure occurs. According to one post by the …show more content…
With little government involvement the economy would be less likely to fail. The government would act as our safety net and attempt to make our future more successful and secure. This could be beneficial to both countries and could have very minimal disadvantages that could easily be resolved. In a mixed economy both the government and public must cooperate together for the greater good of other citizens. If the United States were to adopt the same mixed economy, we could together create a stronger and larger shared economy. The market economy also has many more disadvantages than a mixed economy which is another reason why I personally believe that America should adapt to Canada’s economic
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