What is the main difference between capitalism and a mixed economy? Which model is used in...

What is the main difference between capitalism and a mixed economy? Which model is used in the Kingdom of Saudi Arabia? Explain with justification.?

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Expert Solution

Capitalism is a free economic system which encourages private to voluntarily and compete with other private individuals to plan, produce, and trade without any government involvement.

Whereas a mixed economic system allows private property ownership but government always interfere in the trade and policy of the private individuals.

ECONOMY OF SAUDI ARABIA.

Saudi Arabia is one of the strongest economy in the world. This country has a strong oil based economy. Government control over the major economic activities. The economy of Suadi Arabia is considered as a mixed economy.

The government allows and promote trade and business by the private individuals. In the recent times many new policies were initiated by the government to promote private business in order to boost country's economy and to free from the dependency of oil.

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Rahul Sunny answered 1 year ago

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