"What's the Difference Between a Mixed Economic System and Pure Capitalism? When government does not own all of the means of production, but government interests may legally circumvent, replace, limit or otherwise regulate private economic interests, that is said to be a mixed economy or mixed economic system. A mixed economy respects property rights, but places limits on them: Property owners are restricted with regards to how they exchange with one another. These restrictions come in many forms, such as minimum wage laws, tariffs, quotas, windfall taxes, license restrictions, prohibited products or contracts, direct public expropriation, anti-trust legislation, legal tender laws, subsidies and eminent domain" (Investopedia) So to all you folks who assume that Australia has a Capitalist System , think again. Your assumptions are as wrong as are your assumptions that its either Capitalism or Socialism.
Successive Aussie Governments have regulated our economy for over a century; some more than others. We have public ownership of property such as roads, parks, railways, schools & hospitals etc. There are considerable restrictions on property use and ownership, direct public expropriation, anti-trust restrictions, subsidies and a tax system that inhibits the "free market" Just listen to the policies and programs being bandied around by the political parties in the lead up to the election, most of which are anti-Capitalist.
So, me hearties, we should be discussing what kind of a Mixed Economic System we need; not whether it is Capitalist or Socialist because that decision has been made generations ago.
So to answer those who assumed that I am a Socialist when I say the Capitalism is failing some Aussies, I'm not advocating Socialism but, instead, suggesting that our Mixed Economic System needs further adjustments to be fair and equitable and enable all Aussies to have "fair go".
At election time we alway's see the Crony Capitalists (Pratt, Reinhart etc) come out with political donations and entertaining the next term of leaders or indirectly under the collective guise of The Business Council of Australia, The Mining Council of Australia etc. ( Just watch for the adds once the election is called!)
