As such, it is sometimes described as a “middle path” or transitional state between capitalism and socialism, but it can also refer to a mixture of state capitalism with private capitalism
Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources.
Socialism is an economic and political system under which the means of production are publicly owned. Production and consumer prices are controlled by the government to best meet the needs of the people. Capitalism is an economic system under which the means of production are privately owned
Supporters view mixed economies as a compromise between state socialism and laissez-faire capitalism that is superior in net effect to either of those. Keynesian economics advocates a mixed economy — predominantly private sector, but with a significant role of government and public sector