A mixed economy is an economic system that combines elements of both a market economy and a command economy. It is organized with some free-market elements and some socialistic elements, which lie on a continuum somewhere between pure capitalism and pure socialism. The specific mix between public and private can vary significantly from one mixed economy to another. Some of the key features of a mixed economy are:

• Private ownership of most of the means of production: Mixed economies typically maintain private ownership of most of the means of production, with the government intervening through regulations.

• Socialization of select industries: Mixed economies socialize select industries that are deemed essential or that produce public goods.

• Government intervention: Government intervention and political self-interest play a key role in a mixed economy. This intervention can take many forms, including subsidies, tariffs, prohibitions, and redistributive policy.

• Reactionary and purposeful economic policy changes: One important and understated feature of a mixed economy is its tendency for reactionary and purposeful economic policy changes. Unlike in a command economy or a market economy, mixed economies can go through dramatic changes in the "rules of the game".

• Combination of desirable qualities of capitalism and socialism: A mixed economy combines several of the desirable qualities of both capitalist and socialist economic systems. The capitalist principles of free enterprise, market-based prices, and private property create incentives for innovation and efficiency, while elements of a welfare state and price controls guarantee a minimum standard of living.

• Public and private ownership: In a mixed economy, some resources and businesses are privately owned while others are owned by the government, and both free markets and government intervention play a role in economic decision-making.

• Promotion of innovation: A mixed economy promotes innovation in order to address client requirements in a more creative, cost-effective, or efficient manner.

• Prevention of monopolization and prejudice: The government steps in to prevent monopolization and prejudice from occurring.

Overall, a mixed economy features many of the desirable qualities of both capitalism and socialism, as well as some of their drawbacks. It allows the government to provide public goods and a basic safety net while also promoting innovation and efficiency through market-based principles.