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Encyclopedia > Mixed economy

A mixed economy is an economic system that incorporates aspects of more than one economic system. This usually means an economy that contains both private-owned and state-owned enterprises[1] or that combines elements of capitalism and socialism, or a mix of market economy and planned economy characteristics.[2] An economic system is a particular set of social institutions which deals with the production, distribution and consumption of goods and services in a particular society. ... This article or section does not cite any references or sources. ... A government corporation or government-owned corporation is a legal entity created by a government to exercise some of the powers of the government. ... In economics, a business is a legally-recognized organizational entity existing within an economically free country designed to sell goods and/or services to consumers, usually in an effort to generate profit. ... For other uses, see Capitalism (disambiguation). ... Socialist economics is a broad, and sometimes controversial, term. ... A market economy (also called a free market economy or a free enterprise economy) is an economic system in which the production and distribution of goods and services take place through the mechanism of free markets (though completley useless to some dumbasses) guided by a free price system. ... This article refers to an economy controlled by the state. ...


There is not one single definition for a mixed economy,[3] but relevant aspects include: a degree of private economic freedom (including privately owned industry) intermingled with centralized economic planning (which may include intervention for environmentalism and social welfare, or state ownership of some of the means of production). This article refers to an economy controlled by the state. ... The historic Blue Marble photograph, which helped bring environmentalism to the public eye. ... ... Nationalization is the act of taking assets into state ownership. ... Means of production (abbreviated MoP; German: Produktionsmittel), are the combination of the means of labor and the subject of labor used by workers to make products. ...


For some states, there is not a consensus on whether they are capitalist, socialist, or mixed economies. Economies in states ranging from the United States[4] to Cuba[5] have been termed mixed economies. For other uses, see State (disambiguation). ...

Contents

History

The term "mixed economy" arose in the context of political debate in the United Kingdom in the postwar period, although the set of policies later associated with the term had been advocated from at least the 1930s[6]. Supporters of the mixed economy, including R.H. Tawney[7], Anthony Crosland[8] and Andrew Shonfield were mostly associated with the British Labour Party, although similar views were expressed by Conservatives including Harold Macmillan. Richard Henry Tawney (R.H. Tawney) (1880 - 1962) was an English writer, economist, historian, social critic and university professor and a leading advocate of Christian Socialism Born in Calcutta, India, Tawney was educated at Rugby School and Balliol College, Oxford where he studied modern history. ... Charles Anthony Raven Crosland (29 August 1918 - 19 February 1977) was a member of the Labour Party and an important socialist theorist. ... The Labour Party is a centre-left or social democratic political party in Britain (see British politics), and one of the United Kingdoms three main political parties. ... The Conservative Party (officially the Conservative and Unionist Party) is currently the second largest political party in the United Kingdom in terms of sitting Members of Parliament (MPs), the largest in terms of public membership, and the oldest political party in the United Kingdom. ... Maurice Harold Macmillan, 1st Earl of Stockton, OM, PC (10 February 1894 – 29 December 1986), was a British Conservative politician and Prime Minister of the United Kingdom from 1957 to 1963. ...


Critics of the British mixed economy, including Ludwig von Mises and Friedrich von Hayek, argued that what is called a mixed economy is a move toward socialism and increasing the influence of the state.[9] Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) (pronounced was a notable economist and a major influence on the modern libertarian movement. ... Friedrich von Hayek Friedrich August von Hayek (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an economist and social scientist of the Austrian School, noted for his defense of liberal democracy and free-market capitalism against a rising tide of socialist and collectivist thought in the mid...


Philosophy

The term mixed economy was coined to identify economic systems which stray from the ideals of either the free market, or various planned economies and "mix" with elements of each other. As most political-economic ideologies are defined in an idealized sense, what is described rarely if ever exists in practice. Most would not consider it unreasonable to label an economy that, while not being a perfect representation, very closely resembles an ideal by applying the rubric that denominates that ideal. However, when a system in question diverges to a significant extent from an idealised economic model or ideology, the task of identifying it can become problematic. Hence, the term "mixed economy" was coined. As it is unlikely that an economy will contain a perfectly even mix, mixed economies are usually noted as being skewed towards either private ownership or public ownership, toward capitalism or socialism, or toward a market economy or command economy in varying degrees. A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... This article refers to an economy controlled by the state. ... An ideology is an organized collection of ideas. ... A model in macroeconomics is designed to simulate the operation of a national or international economy in terms of factors including the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behavior of prices. ... An ideology is an organized collection of ideas. ... This page deals with property as ownership rights. ... This article is about state ownership. ... For other uses, see Capitalism (disambiguation). ... Religious socialism Key Issues People and organizations Related subjects Socialism refers to a broad array of ideologies and political movements with the goal of a socio-economic system in which property and the distribution of wealth are subject to control by the community. ... A market economy (also called a free market economy or a free enterprise economy) is an economic system in which the production and distribution of goods and services take place through the mechanism of free markets (though completley useless to some dumbasses) guided by a free price system. ... A planned economy is an economic system in which economic decisions are made by centralized planners, who determine what sorts of goods and services to produce, and how they are to be priced and allocated. ...


Which economies are mixed?

Private investment, freedom to buy, sell, and profit, combined with economic planning by the state, including significant regulations (e.g. wage or price controls), taxes, tariffs, and state-directed investment.
Private investment, freedom to buy, sell, and profit, combined with economic planning by the state, including significant regulations (e.g. wage or price controls), taxes, tariffs, and state-directed investment.

There is not a consensus on which economies are capitalist, socialist, or mixed. It may be argued that the historical tendency of power holders in all times and places to limit the activities of market actors combined with the natural impossibility of monitoring and constraining all market actors has resulted in the fact that, as we understand a "mixed economy" being a combination of governmental enterprise and free-enterprise, nearly every economy to develop in human history meets this definition. Image File history File links Photo by Nathan Freitas. ... Image File history File links Photo by Nathan Freitas. ... A planned economy is an economic system in which decisions about the production, allocation and consumption of goods and services are planned ahead of time, usually in a centralized fashion, though some proposed systems favour decentralized planning. ...


Elements of a mixed economy

The elements of a mixed economy typically include a variety of freedoms: For other uses, see Freedom. ...

A TGV train in Paris operated by the publicly owned SNCF. In many countries, the rail network is partly or completely, owned or controlled, by the state.
A TGV train in Paris operated by the publicly owned SNCF. In many countries, the rail network is partly or completely, owned or controlled, by the state.
A mail truck. Restrictions are sometimes placed on private mail systems by mixed economy governments. For example, in the U.S., the USPS enjoys a government monopoly on nonurgent letter mail as described in the Private Express Statutes.
A mail truck. Restrictions are sometimes placed on private mail systems by mixed economy governments. For example, in the U.S., the USPS enjoys a government monopoly on nonurgent letter mail as described in the Private Express Statutes.
This hospital run by the National Health Service in the United Kingdom. In most countries the state plays some role in the provision of health care.
This hospital run by the National Health Service in the United Kingdom. In most countries the state plays some role in the provision of health care.
  • to possess means of production (farms, factories, stores, etc.)
  • to travel (needed to transport all the items in commerce, to make deals in person, for workers and owners to go to where needed)
  • to buy (items for personal use, for resale; buy whole enterprises to make the organization that creates wealth a form of wealth itself)
  • to sell (same as buy)
  • to hire (to create organizations that create wealth)
  • to fire (to maintain organizations that create wealth)
  • to organize (private enterprise for profit, labor unions, workers' and professional associations, non-profit groups, religions, etc.)
  • to communicate (free speech, newspapers, books, advertisements, make deals, create business partners, create markets)
  • to protest peacefully (marches, petitions, sue the government, make laws friendly to profit making and workers alike, remove pointless inefficiencies to maximize wealth creation)

with tax-funded, subsidized, or state-owned factors of production, infrastructure, and services: 2nd generation TGV train (Réseau class), Marseille St-Charles station Image by ChrisO File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... 2nd generation TGV train (Réseau class), Marseille St-Charles station Image by ChrisO File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... For the group of heart conditions referred to as TGV, see Transposition of the great vessels. ... This article is about the capital of France. ... SNCF (Société Nationale des Chemins de fer Français) (French National Railway Company) is a French public enterprise. ... railroads redirects here. ... Image File history File links Download high resolution version (1458x1101, 323 KB)A small United States Postal Service truck seen in Santa Clara, California. ... Image File history File links Download high resolution version (1458x1101, 323 KB)A small United States Postal Service truck seen in Santa Clara, California. ... For other uses, see Mail (disambiguation). ... USPS and Usps redirect here. ... scheiiiißßßßßee!!!!!!!!!!!!!regional, local; for levels below the national, it is a local monopoly. ... The Private Express Statutes (PES) are, a group of federal civil and criminal laws in United States (Title 18 United States Code sec. ... Image File history File linksMetadata Download high resolution version (1600x1200, 268 KB) Summary The entrance to Norfolk and Norwich University Hospital taken by en:User:FrancisTyers, 11 January 2006. ... Image File history File linksMetadata Download high resolution version (1600x1200, 268 KB) Summary The entrance to Norfolk and Norwich University Hospital taken by en:User:FrancisTyers, 11 January 2006. ... For the town in the Republic of Ireland, see Hospital, County Limerick. ... NHS redirects here. ... A physician visiting the sick in a hospital. ... Means of production (abbreviated MoP; German: Produktionsmittel), are the combination of the means of labor and the subject of labor used by workers to make products. ... Title page of a European Union member state passport. ... Buy may refer to: Trade, voluntary exchange of goods, services, or both Buy (town), a town in Kostroma Oblast, Russia Category: ... Sell can mean: A verb relating to Sales Sell (professional wrestling) In Investing to give up control of an asset in exchange for a valuable consideration. ... Recruitment refers to the process of finding possible candidates for a job or function, usually undertaken by recruiters. ... Fired and Firing redirect here. ... An organization is a formal group of people with one or more shared goals. ... Communication is the process of exchanging information usually via a common system of symbols. ... Demonstrators march in the street while protesting the World Bank and International Monetary Fund on April 16, 2005. ... In economics, a subsidy is generally a monetary grant given by a government to lower the price faced by producers or consumers of a good, generally because it is considered to be in the public interest. ...

  • libraries and other information services
  • roads and other transportation services
  • schools and other education services
  • hospitals and other health services
  • banks and other financial services
  • telephone, mail and other communication services
  • electricity and other energy services (eg oil, gas)
  • water systems for drinking, agriculture, and waste disposal
  • subsidies to agriculture and other businesses
  • government-granted monopolies to otherwise private businesses
  • legal assistance

and providing some autonomy over personal finances but including involuntary spending and investments such as transfer payments and other cash benefits such as: The ASCII codes for the word Wikipedia represented in binary, the numeral system most commonly used for encoding computer information. ... For the movement of people or objects, see transport. ... FINANCIAL is the weekly English-language newspaper with offices in Tbilisi, Georgia and Kiev, Ukraine. ... For the Bobby Womack album, see Communication (1972 album). ... In economics, a government-granted monopoly (also called a de jure monopoly) is a monopoly of a product or service granted by government to an individual or organization/company. ... For other uses, see Law (disambiguation). ... In political science and economics, a transfer payment is a payment of money from a government or any other organization to an individual, a group or another order of government for which no good or service is directly required in return. ...

and restricted by various laws, regulations: This article is about financial assistance paid by government organizations. ... Social security primarily refers to social welfare service concerned with social protection, or protection against socially recognized conditions, including poverty, old age, disability, unemployment and others. ... In economics, a subsidy is generally a monetary grant given by a government to lower the price faced by producers or consumers of a good, generally because it is considered to be in the public interest. ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ...

and taxes and fees written or enforced with manipulation of the economy in mind. Environmental science is the study of the interactions among the physical, chemical and biological components of the environment; with a focus on pollution and degradation of the environment related to human activities; and the impact on biodiversity and sustainability from local and global development. ... Consumers refers to individuals or households that purchase and use goods and services generated within the economy. ... This article is about anti-competitive business behavior. ... For the 2006 film, see Intellectual Property (film). ... Incorporation (abbreviated Inc. ... Protectionism is the economic policy of restraining trade between nations, through methods such as high tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over... “Taxes” redirects here. ...


Relation to form of government

The mixed economy is most commonly associated with social democratic forms of government. However, given the broad range of economic systems that can be described by the term, most forms of government are consistent with some form of mixed economy. Social democracy is a political ideology emerging in the late 19th and early 20th centuries from supporters of Marxism who believed that the transition to a socialist society could be achieved through democratic evolutionary rather than revolutionary means. ...


Historic examples

American School (also known as the National System[10]) is the economic philosophy that dominated United States national policies from the time of the American Civil War until the mid-twentieth century as the country's policies evolved in a free market direction. It consisted of a three core policy initiatives: protecting industry through high tariffs (1861-1932) (changing to subsidies and reciprocity from 1932-1970's), government investment in infrastructure through internal improvements, and a national bank to promote the growth of productive enterprises.[11] During this period the United States grew into the largest economy in the world[citation needed] with the highest standard of living[citation needed], surpassing the British Empire by the first half of the 20th century[12] [13]. The American School, also known as National System, represents three different yet related things in politics, policy and philosophy. ... Combatants United States of America (Union) Confederate States of America (Confederacy) Commanders Abraham Lincoln, Ulysses S. Grant Jefferson Davis, Robert E. Lee Strength 2,200,000 1,064,000 Casualties 110,000 killed in action, 360,000 total dead, 275,200 wounded 93,000 killed in action, 258,000 total... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... For other uses, see Bank (disambiguation). ...


Dirigisme is an economic policy initiated under Charles de Gaulle of France designating an economy where the government exerts strong directive influence. It involved state control of a minority of the industry, such as transportation, energy and telecommunication infrastructures, as well as various incentives for private corporations to merge or engage in certain projects. Under its influence France experienced what is called "Thirty Glorious Years" of profound economic growth.[14] Dirigisme (from the French) (in English also dirigism although per the OED both spellings are used) is an economic term designating an economy where the government exerts strong directive influence. ... For other uses, see Charles de Gaulle (disambiguation). ...


Social market economy is the economic policy of modern Germany that steers a middle path between socialism and liberalism and aims at maintaining a balance between a high rate of economic growth, low inflation, low levels of unemployment, good working conditions, public welfare and public services by using state intervention. Under its influence Germany has emerged from desolation and defeat to become an industrial giant within the European Union.[15] The Social market economy was the German and Austrian economic model during the Cold War era. ... Religious socialism Key Issues People and organizations Related subjects Socialism refers to a broad array of ideologies and political movements with the goal of a socio-economic system in which property and the distribution of wealth are subject to control by the community. ... Liberalism is an ideology, philosophical view, and political tradition which holds that liberty is the primary political value. ...


Modern U.S. economy

The U.S. is considered a mixed economy. Some examples of this include:

  • People can own their own businesses, but political leaders make policies concerning these.
  • The government controls the mail system.
  • The government controls most of the road networks.
  • Waste collection and treatment are usually provided as a service by the local government.
  • The government has a virtual monopoly on the provision of policing.
  • Intercity passenger rail (Amtrak) is a nationalized industry, as are almost all local trains.
  • All American airports are government operated but all American airlines are private.
  • The government tells manufacturers what to make if something is in need during war time.
  • The FDA bans certain drugs.
  • The government has created a minimum wage law.
  • The government provides social welfare payments to some citizens.
  • The majority of pre-college education is government-provided and a large part of tertiary education is run by state governments.

The high-speed Acela Express in West Windsor, New Jersey. ...

"Third way" politics

This section is about a political philosophy; for other uses, see Third way (disambiguation).
Bill Clinton and Tony Blair, adherents of the "Third Way"
Bill Clinton and Tony Blair, adherents of the "Third Way"

The Third Way, or Radical center, is a centrist political philosophy of governance that embraces a mix of market and interventionist philosophies. The Third Way rejects both socialism and laissez-faire approaches to economic governance, but chiefly stresses technological development, education, and competitive mechanisms to pursue economic progress and governmental objectives.[16] Third way philosophies have been described as a synthesis of capitalism and socialism by its proponents.[17] Third way can refer to: The Third Way, an economic and political idea that positions itself between democratic socialism and laissez-faire capitalism, combining the ordoliberal social market with neo-liberalism. ... Blair embraces like-minded U.S. President Bill Clinton, a fellow leader of the Third Way in politics. ... Blair embraces like-minded U.S. President Bill Clinton, a fellow leader of the Third Way in politics. ... William Jefferson Bill Clinton (born William Jefferson Blythe III[1] on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ... For other people of the same name, see Tony Blair (disambiguation) Anthony Charles Lynton Blair (born May 6, 1953)[1] is the Prime Minister of the United Kingdom, First Lord of the Treasury, Minister for the Civil Service, Leader of the Labour Party, and Member of Parliament for the constituency... The terms radical center or radical middle describe a type of third way philosophy as well as an associated political movement. ... In politics, centrism usually refers to the political ideal of promoting moderate policies which land in the middle ground between different political extremes. ... A free market is a market where prices of goods and services are arranged completely by the mutual non-coerced consent of sellers and buyers, determined generally by the supply and demand law with no government interference in the regulation of costs, supply and demand. ... Economic interventionism is a term used to describe activity undertaken by a central government to affect a countrys economy in an attempt to increase economic growth and/or standards of living. ... Religious socialism Key Issues People and organizations Related subjects Socialism refers to a broad array of ideologies and political movements with the goal of a socio-economic system in which property and the distribution of wealth are subject to control by the community. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ...


Past invocations of a political 'third way' have included the Fabian Socialism, Keynesian economics, Franklin Roosevelt and Harold Macmillan's 1950s One Nation Conservatism. [2] The third way has been criticized by some conservatives and libertarians who advocate laissez-faire capitalism.[18] A "Third Way" approach has been adopted by some social democrats and social liberals in many Western liberal democracies.[19] The Fabian Society is a British socialist intellectual movement, whose purpose is to advance the socialist cause by gradualist and reformist, rather than revolutionary means. ... Keynes redirects here. ... Franklin Delano Roosevelt (January 30, 1882–April 12, 1945), often referred to as FDR, was the 32nd (1933–1945) President of the United States. ... Maurice Harold Macmillan, 1st Earl of Stockton, OM, PC (10 February 1894 – 29 December 1986), was a British Conservative politician and Prime Minister of the United Kingdom from 1957 to 1963. ... One Nation, One Nation Conservatism, or Tory Democracy is a term used in political debate in the United Kingdom to refer to one wing of the Conservative Party. ... Social democracy is a political ideology emerging in the late 19th and early 20th centuries from supporters of Marxism who believed that the transition to a socialist society could be achieved through democratic evolutionary rather than revolutionary means. ... Social liberalism is either a synonym for new liberalism or a label used by progressive liberal parties in order to differentiate themselves from the more conservative liberal parties, especially when there are two or more liberal parties in a country. ...


Origins

The use of the term extends back at least as far, to when Pope Pius XI called for a Third Way between Socialism and Capitalism at the end of the 1800s.[20] These ideas were implemented by both progressives and fascists in the early 20th Century. [3] Pope Pius XI (Latin: ; Italian: Pio XI; May 31, 1857 – February 10, 1939), born Ambrogio Damiano Achille Ratti, reigned as Pope from February 6, 1922 and as sovereign of Vatican City from 1929 until his death on February 10, 1939. ... Religious socialism Key Issues People and organizations Related subjects Socialism refers to a broad array of ideologies and political movements with the goal of a socio-economic system in which property and the distribution of wealth are subject to control by the community. ... For other uses, see Capitalism (disambiguation). ... Progressivism or political progressivism is any of several historically related political philosophies or political ideologies. ... Benito Mussolini and Adolf Hitler Fascism (in Italian, fascismo), capitalized, refers to the right-wing authoritarian political movement which ruled Italy from 1922 to 1943 under the leadership of Benito Mussolini. ...


The Third Way philosophy was developed in the 1950s by German ordoliberal economists such as Wilhelm Röpke, resulting in the development of the concept of the social market economy. The 1950s decade refers to the years 1950 to 1959 inclusive. ... This article is about political philosophy of Ordoliberalism. ... Wilhelm Röpke Wilhelm Röpke (October 10, 1899, Schwarmstedt, a village near Hannover - February 12, 1966, Geneva) was one of the most important spiritual fathers of the German social market economy. ... The Social market economy was the German and Austrian economic model during the Cold War era. ...


The term was later used by politicians in the 1990s who wished to incorporate Margaret Thatcher and Ronald Reagan's projects of economic deregulation, privatization, and globalization into the mainstream centre-left political parties (following the crisis of socialism after the fall of the Berlin Wall). For the band, see 1990s (band). ... Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC, FRS (née Roberts; born 13 October 1925) served as British Prime Minister from 1979 to 1990 and leader of the Conservative Party from 1975 until 1990, being the first and only woman to hold either post. ... Reagan redirects here. ... Puxi side of Shanghai, China. ... In politics, the term centre-left is commonly used to describe and denote political parties or organisations that stretch from the centre to the left or are moderately left-wing, as opposed to extreme left wing beliefs such as communism. ... The history of socialism, sometimes termed modern socialism,[1] finds its origins in the French Revolution of 1789 and the changes brought about by the Industrial Revolution, although it has precedents in earlier movements and ideas. ... View in 1986 from the west side of graffiti art on the walls infamous death strip Walls poster in memory of the fall. ...


A leading defender of the spread of Third Way influence in modern democracies has been British sociologist Anthony Giddens. Giddens regularly expounds on Third Way philosophy through contributions to progressive policy think tank Policy Network. Robert Putnam, Ian Winter (Latham cites Winter's "Social Capital and Public Policy in Australia" on p. 13 of the Latham diaries), and Mark Lyon are amongst a range of academics who have recently contributed key academic theory behind Third-Way politics. Anthony Giddens, Baron Giddens (born January 18, 1938) is a British sociologist who is renowned for his theory of structuration and his holistic view of modern societies. ... Policy Network is an international think tank based in London devoted to progressive centre-left policy reform. ...


Examples

The Third Way is currently prominent in Europe, but has adherents in the Americas and Asia. It is endorsed by some European social democratic parties, as well as by some members of the Democratic Party of the United States (see below). Former Australian Prime Minister Paul Keating is often cited as a key proto-Third Way leader. Social democracy is a political ideology emerging in the late 19th and early 20th centuries from supporters of Marxism who believed that the transition to a socialist society could be achieved through democratic evolutionary rather than revolutionary means. ... Federal courts Supreme Court Circuit Courts of Appeal District Courts Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Local Government Other countries Atlas  Politics Portal      Further information: Politics of the United States#Organization of American political parties The Democratic... For other persons named Paul Keating, see Paul Keating (disambiguation). ...


Australia

Under the centre-left Australian Labor Party from 1983 to 1996, the Bob Hawke and Paul Keating governments pursued many economic policies associated with economic rationalism, such as floating the Australian Dollar, privatisation of Qantas and Commonwealth Bank, reductions in trade tariffs, taxation reforms, changed from wage-fixing to enterprise bargaining, deregulated the banking system and other economic deregulation. In politics, the term centre-left is commonly used to describe and denote political parties or organisations that stretch from the centre to the left or are moderately left-wing, as opposed to extreme left wing beliefs such as communism. ... ALP redirects here. ... Robert James Lee (Bob) Hawke, AC (born 9 December 1929) was the 23rd Prime Minister of Australia after previously being an Australian trade union leader. ... For other persons named Paul Keating, see Paul Keating (disambiguation). ... Economic rationalism is an Australian term in discussion of microeconomic policy, applicable to the economic policy of many governments around the world, in particular during the 1980s and 1990s. ... A floating currency is a currency that uses a floating exchange rate as its exchange rate regime. ... ISO 4217 Code AUD User(s) Australia, Kiribati, Nauru, Tuvalu, Christmas Island, Cocos (Keeling) Islands, and Norfolk Island Inflation 1. ... Qantas Airways Limited (IPA: ) is the national airline of Australia. ... The Commonwealth Bank of Australia (ASX: CBA) is one of the largest financial institutions in Australia, founded in 1911 by the Australian Government. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        For other uses of this word, see tariff (disambiguation). ... An Enterprise Bargaining Agreement (EBA) is the name for a statutory agreement made under the Workplace Relations Act, and then properly registered with the Australian Industrial Relations Commission, that is made between an employer and a group of workers who work for that employer with two additional optional parties being...


United Kingdom

Former Prime Minister Tony Blair of the United Kingdom is cited as a Third Way politician.[21] [22] Blair is a particular follower of the ideas of Anthony Giddens.[23] For other people of the same name, see Tony Blair (disambiguation) Anthony Charles Lynton Blair (born May 6, 1953)[1] is the Prime Minister of the United Kingdom, First Lord of the Treasury, Minister for the Civil Service, Leader of the Labour Party, and Member of Parliament for the constituency... Anthony Giddens, Baron Giddens (born January 18, 1938) is a British sociologist who is renowned for his theory of structuration and his holistic view of modern societies. ...


Harold Macmillan's book The Middle Way, first published in 1938, is also written from broadly this centrist position. Maurice Harold Macmillan, 1st Earl of Stockton, OM, PC (10 February 1894 – 29 December 1986), was a British Conservative politician and Prime Minister of the United Kingdom from 1957 to 1963. ...


United States

In the United States, Third Way adherents emphasize fiscal conservatism, some replacement of welfare with workfare, and a stronger preference for market solutions to traditional problems (as in pollution markets), while rejecting pure laissez-faire economics and other libertarian positions. The Third Way style of governing was firmly adopted and partly redefined during the Administration of President Bill Clinton.[24] Fiscal conservatism (also known as economic liberalism) is a term used in the United States to refer to economic and political policy that advocates restraint of government taxation, government expenditures and deficits, and government debt. ... This article is about financial assistance paid by government organizations. ... Workfare is an alternative model to conventional Social Welfare systems. ... A Pollution Market is a method of partly internalizing the costs a negative externality (such as pollution) by setting up a government designated maximum amount of the specified activity and then auctioning or selling tradable permits to engage in some of the specified activity. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... This article is about the political philosophy based on private property rights. ... President Clintons Cabinet, circa 1993 Headed by President of the United States Bill Clinton, the Clinton Administation was the executive branch of the federal government of the United States from 1993 to 2001. ... William Jefferson Bill Clinton (born William Jefferson Blythe III[1] on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ...


After Tony Blair came to power in the UK Clinton, Blair and other leading Third Way adherents organized conferences to promote the Third Way in 1997 at Chequers in England.[25] [26] The Democratic Leadership Council are adherents of Third Way politics.[27] For other people of the same name, see Tony Blair (disambiguation) Anthony Charles Lynton Blair (born May 6, 1953)[1] is the Prime Minister of the United Kingdom, First Lord of the Treasury, Minister for the Civil Service, Leader of the Labour Party, and Member of Parliament for the constituency... The United Kingdom of Great Britain and Northern Ireland is a country in western Europe, and member of the Commonwealth of Nations, the G8, the European Union, and NATO. Usually known simply as the United Kingdom, the UK, or (inaccurately) as Great Britain or Britain, the UK has four constituent... This article is about the Prime Minister of the UKs residence. ... For other uses, see England (disambiguation). ... The Democratic Leadership Council is a non-profit corporation [1] that argues that the United States Democratic Party should shift away from traditionally populist positions. ...


In 2004, several veteran U.S. Democrats founded a new Washington, DC organization entitled Third Way, which bills itself as a "strategy center for progressives."[28] Third way can refer to: The Third Way, an economic and political idea that positions itself between democratic socialism and laissez-faire capitalism, combining the ordoliberal social market with neo-liberalism. ...


Other

Other leaders who have adopted elements of the Third Way style of governance include François Bayrou of France, Gerhard Schröder of Germany[29], Ferenc Gyurcsány of Hungary, and Zafarullah Khan Jamali of Pakistan, whose book's preface was written by Anthony Giddens. François Bayrou François Bayrou (IPA: ) is a leading candidate for the French Presidental election of 2007. ...   [] (born April 7, 1944), German politician, was Chancellor of Germany from 1998 to 2005. ...   (pronounced []; born in Pápa, June 4, 1961) is the Prime Minister of Hungary. ... Anthony Giddens, Baron Giddens (born January 18, 1938) is a British sociologist who is renowned for his theory of structuration and his holistic view of modern societies. ...


Criticism

In the 1920s, Ludwig von Mises, a libertarian Austrian School economist and classical liberal thinker, accused the "middle way" of mixing capitalism and socialism. In his book Liberalism Mises wrote, "There is simply no other choice than this: either to abstain from interference in the free play of the market, or to delegate the entire management of production and distribution to the government. Either capitalism or socialism: there exists no middle way."[30] Advocates of laissez-faire capitalism continue to be staunch opponents of a mixed economy, the "third way." In 1990, after the fall of his country's communist government, Czechoslovakia's finance minister, Václav Klaus, declared, "We want a market economy without any adjectives. Any compromises with that will only fuzzy up the problems we have. To pursue a so-called Third Way is foolish. We had our experience with this in the 1960s when we looked for a socialism with a human face. It did not work, and we must be explicit that we are not aiming for a more efficient version of a system that has failed. The market is indivisible; it cannot be an instrument the hands of central planners."[31] More recently, a critic of capitalist-socialist hybridization wrote, "Third-Way economics is merely another political trial balloon. The politicians are still simply trying to twist fattened, round socialism into a lean, square, free-market hole, mainly to solicit our vote."[32] Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) (pronounced was a notable economist and a major influence on the modern libertarian movement. ... See also Libertarianism and Libertarian Party Libertarian,is a term for person who has made a conscious and principled commitment, evidenced by a statement or Pledge, to forswear violating others rights and usually living in voluntary communities: thus in law no longer subject to government supervision. ... The Austrian School, also known as the “Vienna School” or the “Psychological School”, is a heterodox school of economic thought that advocates adherence to strict methodological individualism. ... Liberalism (original German title: Liberalismus) is an influential book by Austrian School economist and libertarian thinker Ludwig von Mises, containing economic analysis and indicting critique of socialism. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... For other uses, see Capitalism (disambiguation). ... This article does not cite any references or sources. ...


Third way is sometimes described as an idea of former social-democrats which replaces socialism with capitalism and a minimum of socialism, and a strategy to bring the social-democratic parties back to power where they have lost elections. For example, Slavoj Zizek argues that the notion of the Third Way emerged as the only alternative to the victorious global capitalism and its notion of liberal democracy when the Second Way crumbled.[33] Critics argue that third way politicians are in favour of ideas and policies that ultimately serve the interests of corporate power and the wealthy at the expense of the working class and the poor. Some also classify the Third Way as neosocialism or "neoliberalism with a social touch".[34][35] Social democracy is a political ideology emerging in the late 19th and early 20th centuries from supporters of Marxism who believed that the transition to a socialist society could be achieved through democratic evolutionary rather than revolutionary means. ... Religious socialism Key Issues People and organizations Related subjects Socialism refers to a broad array of ideologies and political movements with the goal of a socio-economic system in which property and the distribution of wealth are subject to control by the community. ... Slavoj Žižek. ... Liberal democracy is a form of government. ... A map of countries often considered to have made up the Second World from the 1950s through to the 1980s. ... Neosocialism (also hyphenated as neo-socialism) is a term used to describe any one of a wide variety of left-wing political movements that are considered socialist and have developed recently. ... For the school of international relations, see Neoliberalism in international relations. ...


See also

Note: Quotes in this section indicate content taken from the article in question.
  • Corporatism "Historically, corporatism or corporativism (Italian corporativismo) is a political system in which legislative power is given to corporations that represent economic, industrial and professional groups."
  • Nationalization "is the act of taking assets into state ownership."
  • Pluralism "In a pluralistic society, power and decision-making (and the ownership of the results of exercising power) are more diffused."
  • Public sector "is that part of economic and administrative life that deals with the delivery of goods and services by and for the government."
  • Public-private partnership "a system in which a government service or private business venture is funded and operated through a partnership of government and one or more private sector companies."
  • Statism "is a term to describe any economic system where a government implements a significant degree of centralized economic planning"
  • Welfare state "In many "welfare states", welfare is not actually provided by the state, but by a combination of independent, voluntary, mutualist and government services."
Third way
This entry is related to, but not included in the Political ideologies series or one of its sub-series. Other related articles can be found at the Politics Portal.

Historically, corporatism or corporativism (Italian: corporativismo) refers to a political or economic system in which power is given to civic assemblies that represent economic, industrial, agrarian, social, cultural, and professional groups. ... Nationalization, also spelled nationalisation, is the act by which a nation takes possession of assets without requiring the owners consent, with or without payment of compensation. ... This article is about state ownership. ... Economic pluralism refers to the diversity of business sizes, types, and industries. ... < [[[[math>Insert formula here</math>The public sector is that part of economic and administrative life that deals with the delivery of goods and services by and for the [[government </math></math></math></math> Direct administration funded through taxation; the delivering organisation generally has no specific requirement to meet commercial... Public-private partnership (PPP) is a system in which a government service or private business venture is funded and operated through a partnership of government and one or more private sector companies. ... Statism (or Etatism) is a term that is used to describe: Specific instances of state intervention in personal, social or economic matters. ... An economic system is a particular set of social institutions which deals with the production, distribution and consumption of goods and services in a particular society. ... This article refers to an economy controlled by the state. ... There are three main interpretations of the idea of a welfare state: the provision of welfare services by the state. ... The terms radical center or radical middle describe a type of third way philosophy as well as an associated political movement. ... In politics, centrism usually refers to the political ideal of promoting moderate policies which land in the middle ground between different political extremes. ... The Centrist Party was created on July 4, 2006 as a self-declared response to the stalemate between the Republican Party and Democratic Party in the previous two presidential elections. ... An ideology is an organized collection of ideas. ...

Further reading

  • Barr, Nicholas (“Economic theory and the welfare state: a survey and interpretation.” Journal of Economic Literature, 30(2): 741-803. 1992, a review essay looking at the economics literature
  • Berkowitz, Edward D. (1991) America’s Welfare State: From Roosevelt to Reagan. The Johns Hopkins University Press.
  • Buchanan, James M. (1986) Liberty, Market and State: Political Economy in the 1980s New York University Press.
  • Cronin, James E. (1991) The Politics of State Expansion: War, State and Society in Twentieth-Century Britain. New York: Routledge.
  • Derthick, Martha and Paul J. Quirk (1985) The Politics of Deregulation. Washington, DC: The Brookings Institution.
  • Sanford Ikeda; Dynamics of the Mixed Economy: Toward a Theory of Interventionism London: Routledge 1997
Third way
  • The Third Way by Anthony Giddens (ISBN 0-7456-2267-4), followed by The Third Way And Its Critics (ISBN 0-7456-2450-2)
  • NEXUS Third Way Debate Summary
  • Why Tony is not a guitar-wielding facist [sic] dictator; The Guardian, July 1, 2003—about Mussolini and Blair.
  • Third Way a strategy center for U.S. progressives
  • Sourcewatch.org entry on the Third Way Foundation
  • The Third Way - an Answer to Blair by Patrick Harrington
  • Official website of Policy Network
  • 'Left, Right and the Third Way' - on the third way's mix of left and right.
  • The Third Way and Beyond: Criticisms, Futures, Alternatives book looks at criticism of the third way.

For other uses, see Guardian. ... is the 182nd day of the year (183rd in leap years) in the Gregorian calendar. ... Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... Mussolini redirects here. ...

Sources and notes

  1. ^ Mixed economy. Dictionary.com
  2. ^
    • Mixed economy entry in The Norton Dictionary of Modern Thought by Alan and Trombley, W. W. Norton & Company (1999), p. 535. "A economy in which a substantial number, though by no means all, of the activities of production, distribution and exchange are undertaken by the government, and there is more interference by the STATE than there would be in a MARKET ECONOMY. A mixed economy thus combines the characteristics of both CAPITALISM and SOCIALISM."
    • Mixed economy entry in The New Dictionary of Cultural Literacy, Third Edition, Houghton Mifflin Company (2002). "An economy that combines elements of capitalism and socialism, mixing some individual ownership and regulation." -
    • Dlamini, Bongile P. What is an economy anyway? How does it Work? "A mixed economy is an economy containing the characteristics of both capitalism and socialism. In other words, it is an economy with a combination of both the private and the public ownership of means of production, with some measure of control by the central government."
    • Mixed economy entry in The Language of Money by Edna Carew. "One containing features of both capitalism and socialism. Australia is a mixed economy, with major state-owned enterprises in communications, transport, banking, energy generation and health services, as well as privately owned enterprises in the same areas. In common with capitalist economies such as the UK and New Zealand, Australian governments are reducing these activities by privatising state-operated businesses. Other examples are seen in eastern Europe and the former Soviet Union, where newly independent states have embraced the principles of private enterprise. China, too, provides a striking illustration of the transition to a mixed economy."
    • Diane Kendall, Jane Lothian Murray, Rick Linden. Sociology In Our Timesictionary, Chapter 13, Nelson, a divions of Thomson Canada Limited (2004). "A mixed economy combines elements of a market economy (capitalism) with elements of a command economy (socialism)."
    • Mixed economy entry in Political Dictionary, Executive Clarity (2006). "an economy in which elements from the free enterprise system are combined with elements of socialism. Most industrial economies, now including those in the post-communist world, are mixed economies."
    • The Failure of Economic Interventionism, Joint Economic Committee Economic Classics, December 1994, No. 2. "With a hubris peculiar to intellectuals and the politicians who expediently latch onto their scribblings, academic and political elites in the West insisted that "socialism prudently applied," by the likes of themselves mostly, could provide a "third path" between pure socialism and capitalism. On this third path, which became known as a "mixed economy," government would selectively and carefully intervene into the free market to "improve" it"
    • Schlesinger, Arthur Jr. Liberalism in America: A Note for Europeans from The Politics of Hope, Boston: Riverside Press (1962). "The broad liberal objective is a balanced and flexible "mixed economy," thus seeking to occupy that middle ground between capitalism and socialism whose viability has so long been denied by both capitalists and socialists."
    • Gorman, Tom. The Complete Idiots Guide to Economics, Alpha Books (2003), p. 9"In a market economy, the private-sector businesses and consumers decide what they will produce and purchase, with little government intervention....In a command economy, also known as a planned economy, the government largely determines what is produced and in what amounts. In a mixed economy, both market forces and government decisions determine which goods and services are produced and how they are distributed."
  3. ^ A variety of definitions for mixed economy.
  4. ^ How the U.S. Economy Works article says "The United States is said to have a mixed economy because privately owned businesses and government both play important roles. Indeed, some of the most enduring debates of American economic history focus on the relative roles of the public and private sectors. The American free enterprise system emphasizes private ownership. Private businesses produce most goods and services, and almost two-thirds of the nation's total economic output goes to individuals for personal use (the remaining one-third is bought by government and business). The consumer role is so great, in fact, that the nation is sometimes characterized as having a 'consumer economy'."
  5. ^ The Challenges of Cuba's Economy - An Interview with Dr. Antonio Romero In 1998 "Transformations have occurred in property ownership, employment systems, and income levels to the extent that today we have a particular kind of mixed economy."
  6. ^ Reisman, David A.. Theories of the Mixed Economy (Theories of the mixed economy). Pickering & Chatto Ltd. ISBN 1-85196-214-X. 
  7. ^ Tawney, R. H. (1964). Equality. London: Allen and Unwin. ISBN 0-04-323014-8. 
  8. ^ Crosland, A. (1977). The Future of socialism. Westport, Conn: Greenwood Press. ISBN 0-8371-9586-1. 
  9. ^ Gardner, Martin. Whys of a Philosophical Scrivener, St. Martin's Press (1991), p. 126
  10. ^ The Library of Economics and Liberty on-line Book titled The National System of Political Economy by Friedrich List
  11. ^ (Boritt, Richardson, Lind)
  12. ^ The Making of Modern British Politics, Martin Pugh
  13. ^ Global Political Economy, Robert O'Brien and Marc Williams
  14. ^ (Gardner)
  15. ^ (Gardner)
  16. ^ Democratic Leadership Council, About the Third Way. Retrieved on 2007-07-07.
  17. ^ Dale, R. (4 April, 2000). Thinking Ahead / Commentary : What a 'Third Way' Is Really About. The International Herland.. Retrieved on 2007-07-07.
  18. ^ Bashan, P. (5 November, 2002). Is the Third War at a Dead End? Cato Institute.. Retrieved on 2007-07-07.
  19. ^ Democratic Leadership Council. (1 June, 1998). About the Third Way.. Retrieved on 2007-07-11.
  20. ^ Third Way Debate Summary
  21. ^ www.third-way.info is coming soon!
  22. ^ Leader: Blair's new third way | Politics | The Observer
  23. ^ BBC News | UK Politics | All aboard the Third Way
  24. ^ The Survivor:Bill Clinton in the White House, John F Harris, Random House, 2005
  25. ^ The Clinton Wars, Sidney Blumenthal, Farrar, Straus and Giroux, 2003
  26. ^ BBC News | EUROPE | 'Third Way' gets world hearing
  27. ^ DLC: About The Third Way
  28. ^ Third Way:
  29. ^ BBC News | EUROPE | 'Third Way' gets world hearing
  30. ^ Mises, Ludwig von [1] Liberalism, 1927. (Source English translation, 1985.)
  31. ^ No Third Way Out: Creating A Capitalist Czechoslovakia Reason, June 1990. Accessed April 22, 2007.
  32. ^ Delay, Katy Harwood. The return of the Third Way. Ludwig von Mises Institute. Accessed April 22, 2007.
  33. ^ Slavoj Zizek, Attempts to Escape the Logic of Capitalism
  34. ^ Neosocialism versus Neoliberalism?
  35. ^ National Review: Reinventing socialism: the triumph of neosocialism is the defining characteristic of politics today
  • Gill: "By 1880 the United States of America had overtaken and surpassed England as industrial leader of the world.: (from "Trade Wars Against America: A History of United States Trade and Monetary Policy" Chapter 6 titled "America becomes Number 1" pg. 39-49 - published 1990 by Praeger Publishers in the USA - ISBN 0-275-93316-4)
  • Lind: "Lincoln and his successors in the Republican party of 1865-1932, by presoding over the industrialization of the United State, foreclosed the option that the United States would remain a rural society with an agrarian economy, as so many Jeffersonians had hoped." and "...Hamiltonian side...the Federalists; the National Republicans; the Whigs, the Republicans; the Progressives." (from "Hamilton's Republic" Introduction pg. xiv-xv - published 1997 by Free Press, Simon & Schuster division in the USA - ISBN 0-684-83160-0)
  • Lind: "During the nineteenth century the dominant school of American political economy was the "American School" of developmental economic nationalism...The patron saint of the American School was Alexander Hamilton, whose Report on Manufactures (1791) had called for federal government activism in sponsoring infrastructure development and industrialization behind tariff walls that would keep out British manufactured goods...The American School, elaborated in the nineteenth century by economists like Henry Carey (who advised President Lincoln), inspired the "American System" of Henry Clay and the protectionist import-substitution policies of Lincoln and his successors in the Republican party well into the twentieth century." (from "Hamilton's Republic" Part III "The American School of National Economy" pg. 229-230 published 1997 by Free Press, Simon & Schuster division in the USA - ISBN 0-684-83160-0)
  • Richardson: "By 1865, the Republicans had developed a series of high tariffs and taxes thar reflected the economic theories of Carey and Wayland and were designed to strengthen and benefit all parts of the American economy, raising the standard of living for everyone. As a Republican concluded..."Congress must shape its legislation as to incidentally aid all branches of industry, render the people prosperous, and enable them to pay taxes...for ordinary expenses of Government." (from "The Greatest Nation of the Earth" Chapter 4 titled "Directing the Legislation of the Country to the Improvement of the Country: Tariff and Tax Legislation" pg. 136-137 published 1997 by the President and Fellows of Harvard College in the USA - ISBN 0-674-36213-6)
  • Boritt: "Lincoln thus had the pleasure of signing into law much of the program he had worked for through the better part of his political life. And this, as Leornard P. Curry, the historian of the legislation has aptly written, amounted to a "blueprint for modern America." and "The man Lincoln selected for the sensitive position of Secretary of the Treasury, Salmon P. Chase, was an ex-Democrat, but of the moderate cariety on economics, one whom Joseph Dorfman could even describe as 'a good Hamiltonian, and a western progressive of the Lincoln stamp in everything from a tariff to a national bank.'" (from "Lincoln and the Economics of the American Dream" Chapter 14 titled "The Whig in the White House" pg. 196-197 published 1994 by University of Illinois Press in the USA - ISBN 0252064453
Arthur M. Schlesinger, Jr. ... Friedrich List (August 6, 1789 - November 30, 1846) was a leading 19th Century German economist who believed in the National System. // He was born at Reutlingen, Württemberg. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 188th day of the year (189th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 188th day of the year (189th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 188th day of the year (189th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 192nd day of the year (193rd in leap years) in the Gregorian calendar. ... Liberalism (original German title: Liberalismus) is an influential book by Austrian School economist and libertarian thinker Ludwig von Mises, containing economic analysis and indicting critique of socialism. ... Ludwig von Mises Institute for Austrian Economics, Auburn, Alabama The Ludwig von Mises Institute (LvMI), based in Auburn, Alabama, is a libertarian academic organisation engaged in research and scholarship in the fields of economics, philosophy and political economy. ...

  Results from FactBites:
 
NationMaster - Encyclopedia: Mixed economy (5860 words)
The term mixed economy was coined to identify economic systems which stray from the ideals of either the free market, or various planned economies and "mix" with elements of each other.
As it is unlikely that an economy will contain a perfectly even mix, mixed economies are usually noted as being skewed towards either private ownership or public ownership, toward capitalism or socialism, or toward a market economy or command economy in varying degrees.
Social market economy is the economic policy of modern Germany that steers a middle path between socialism and liberalism and aims at maintaining a balance between a high rate of economic growth, low inflation, low levels of unemployment, good working conditions, public welfare and public services by using state intervention.
Book Review - Dynamics of the Mixed Economy: Toward a Theory of Interventionism (1150 words)
Dynamics of the Mixed Economy: Toward a Theory of Interventionism,
April 1997), in which he argued that government interventions and regulations of market activity create imbalances and distortions in the economy that are counterproductive even from the intervenor’s own point of view but which often serve as the rationale for the interventions and controls to be extended over an increasing circle of market transactions.
The Fallacy of the Mixed Economy: An “Austrian” Critique of Conventional Economics and Government Policy.
  More results at FactBites »

 
 

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