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Free market Economy - Various private enterprises dominate most of the economy with low taxes and might have an absence of welfare and healthcare systems depending on the country. There is some degree of public/state intervention but very little or bellow average (examples Ireland, USA, Netherlands, South Korea, Hong Kong or Luxembourg).
Mixed Economy - A market economy with elements of a planned economy and public enterprise. Usually these type of economies have a strong welfare and healthcare systems. (Norway, Sweden, Singapore, China, Vietnam, Russia or Belarus).
Planned economy - A economic system where investment, production and the allocation of capital goods takes place according to economy-wide economic plans and production plans. These economies are characterized by a strong public sector size in most or all aspects of the economy and a free education, free healthcare and strong welfare systems. (former Soviet Union, Maoist China, Former Eastern Bloc, Cuba or North Korea).
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