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Many of todays democracies operate under a mixed economic system, which combines aspects of capitalism and socialism. A mixed economy is designed to drive economic activity through capitalist ventures, while money is collected via taxation to maintain a nations infrastructure and offer public services, such as primary education, social welfare policies and health insurance.

The belief is that government intervention can ensure fair market competition, and humane labor standards, and offer economic safety nets for businesses and individuals, such as subsidies and minimum wage laws. Capitalism in its purest form has peaks and valleys, which can lead to financial crises, such as mass unemployment and economic depressions. Governments in mixed economies introduce fiscal or monetary policies that are intended to stimulate economic activity during economic downturns. Some examples include government work programs, quantitative easing and corporate bailouts.

Essentially, mixed economies encourage the private sector to seek profits, but monitor profit levels, and redistribute wealth in order to promote social objectives that maintain an agreeable standard of living for its citizens.

Pure capitalism dictates that the law of supply and demand sets the prices for goods and services. Pure Socialism fixes the prices through central planning. A standard mixed economy, however, allows for prices in some sectors to fluctuate with supply and demand, while it fixes prices in sectors such as energy.

The term Mixed Economy has been applied to a variety of nations with a hybrid system of socialist and capitalist policies. The Mixed Economy label has been applied to Western Democracies such as the United States, Canada and various Western European nations, as well as Nordic Social Democracies, which have high taxation and greater wealth redistribution for social aims; even a Communist nation like Cuba is considered to have a mixed economy by some economists.

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Mixed Economic System

Faced with the party's worst-ever poll performance, Congress President Sonia Gandhi today said that "staunch secularism" and "socialist economics" were their "core beliefs" and noted that these values of Nehruvianism are being "fundamentally challenged by some in the prevailing political climate".

While the party encourages involvement of the private sector in wealth generation and economic growth, it remains "profoundly wedded to Nehru's concern for the weakest sections" of society, she said at an event to mark the 50th death anniversary of former Prime Minister Pandit Jawaharlal Nehru here.

The four pillars of Nehruvianism-- democratic institution-building, staunch secularism, socialist economics and a foreign policy of non-alignment-- that were integral to a vision of Indianness are being "fundamentally challenged by some in the prevailing political climate", she said while stressing that these still formed the core of Congress's beliefs.

Gandhi at the same time said she is not suggesting that Congress is stuck in a time warp and merely repeating the conventional wisdom of 50 years ago as "Nehru himself, as a man with an open and questioning mind, would have evolved with the times, even while remaining anchored in his core beliefs".

Her comments, indicating a left of the Centre tilt, comes at a time when Narendra Modi has assumed charge as Prime Minister of the country, heading a government which has a decisive majority of its own.

In the internal meetings of Congress, party leaders have maintained that corporates and the media fully backed BJP in the just-concluded Lok Sabha polls.

On secularism, Gandhi told the audience of mostly Congress leaders, including party Vice President Rahul Gandhi, that while Nehru strived to prevent partition, "when it occurred, he never accepted the logic that since Pakistan had ostensibly been created for India's Muslims, what remained was a state for Hindus".

Gandhi's impassioned praise of the Nehruvian vision comes at a time when the efficacy of that model is being questioned by sections of the media following BJP's landslide victory which reduced Congress to its lowest tally since Independence of just 44 seats in Lok Sabha.

She said Nehru lived by his conviction that India belonged to all who had contributed to its history and civilisation and that the majority community had a special obligation to protect the rights and promote the well-being of the minorities in the country.

She rued that it has become "fashionable today to decry Nehruvian socialism as a corrupt and inefficient system" that condemned India to many years of modest growth levels.

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'Nehruvian Legacy of Secularism, Socialism Core Beliefs'

New Delhi, May 27: Faced with the party's worst-ever poll performance, Congress President Sonia Gandhi on Tuesday said that "staunch secularism" and "socialist economics" were their "core beliefs" and noted that these values of Nehruvianism are being "fundamentally challenged by some in the prevailing political climate".

While the party encourages involvement of the private sector in wealth generation and economic growth, it remains "profoundly wedded to Nehru's concern for the weakest sections" of society, she said at an event to mark the 50th death anniversary of former Prime Minister Pandit Jawaharlal Nehru.

The four pillars of Nehruvianism-- democratic institution -building, staunch secularism, socialist economics and a foreign policy of non-alignment-- that were integral to a vision of Indianness are being "fundamentally challenged by some in the prevailing political climate", she said while stressing that these still formed the core of Congress's beliefs.

Gandhi at the same time said she is not suggesting that Congress is stuck in a time warp and merely repeating the conventional wisdom of 50 years ago as "Nehru himself, as a man with an open and questioning mind, would have evolved with the times, even while remaining anchored in his core beliefs".

Her comments, indicating a left of the Centre tilt, comes at a time when Narendra Modi has assumed charge as Prime Minister of the country, heading a government which has a decisive majority of its own.

In the internal meetings of Congress, party leaders have maintained that corporates and the media fully backed BJP in the just-concluded Lok Sabha polls.

On secularism, Gandhi told the audience of mostly Congress leaders, including party Vice President Rahul Gandhi, that while Nehru strived to prevent partition, "when it occurred, he never accepted the logic that since Pakistan had ostensibly been created for India's Muslims, what remained was a state for Hindus".

"Nehru stood for an idea of India that embraced every religion, caste, ethnicity and language. Indian National Congress remains fundamentally rooted in such a conception of India," she added.

PTI

Story first published: Tuesday, May 27, 2014, 17:50 [IST]

Excerpt from:
Nehruvian legacy of secularism, socialism core beliefs: Sonia Gandhi

27 May 2014, 20:33 HRS IST

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Nehruvian legacy of secularism, socialism core beliefs: Sonia

SOCIALISM can only arrive by bicycle So said Chilean socialist and Allende loyalist Jose Antonio Viera-Gallo.

He would have approved of the Merseyside Morning Star Readers and Supporters groups plans for this summer.

They are gearing up for a gruelling four-day, 430 kilometre, sponsored cycle ride from the Morning Star offices in Londons East End to Paris for the great festival of the left, the Fete de LHumanite. Now they are launching an appeal to support the Morning Star by sponsoring the ride.

The aim is to raise 10,000 for the paper, instantly catapulting this hard-riding readers and supporters group into the Summer of Heroes 150,000 campaign roll of honour.

Pedalling4Progress (P4P) ride leader Les Doherty admitted: This is a daunting challenge but after last years efforts we always knew we had to come up with something bigger and more demanding.

Its a great way for everyone to reinforce their commitment to the paper and firmly establish these cycle challenges as regular fund raising events.

Our riders leave the Morning Star offices in Hackney Wick on Tuesday September 9 with a special edition of the paper to be delivered to the great festival in Paris, organised by the Stars sister newspaper of the left, LHumanite.

To sponsor them and support the Morning Star make your cheques payable to Merseyside Morning Star Supporters Group and send them to P4P, 10 Hadassah Grove, Liverpool L17 8XH.

If you want to pay direct into the bank, the sort code 08-60-01, account 20325328.

Follow their progress at http://www.pedal4progress.wordpress.com

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Morning Star :: Summer of Heroes: Merseyside readers gear up for gruelling sponsored bike ride