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What is the political philosphy of a country called that has many privately owned businesses but also has government controlled industries and social services?
Wiki User
∙ 12y ago
Most countries have a mixed economy, with elements of all four major systems.
Privately owned, privately controlled = free market (including the variant called capitalism)
Publicly owned, privately controlled = socialism (Fannie Mae, TVA, Amtrak, CPB)
Publicly owned, publicly controlled = communism (USPS, National Parks, West Point)
Privately owned, publicly controlled = fascism (General Motors, Federal Reserve member banks)
Fascist is often used as an insult today, but it started as an economic ideal. Benito Mussolini didn't nationalize the railroads, but he famously "made them run on time." In other words, privately owned but publicly controlled.
Wiki User
∙ 12y ago
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