What type of economic system does Great Britain have?

Answer 1

Great Britain has a free market economy
socialist

I disagree; the British economic system is a classic mixed economy as is the US. Socialism refers to many theories of economic organization which advocated public ownership and administration of the means of production and allocation of resources. Capitalism, the economic and social systems in which capital and land, means of production are privately owned and labor, goods and resources are freely traded in markets, while profits, after taxes are distributed to owners and investors, is alive and well in both the US and UK.

The socialist mix takes place, in both economies, with the state subsidized or owned factors of production, infrastructure and services (schools, roads, hospitals, energy communication - Postal Service, etc.) as well as involuntary spending and investment (eg. social security, national health services, welfare, government subisidies, mandatory insurance, etc.), laws and regulations (environmental, consumer and labor, etc.), taxes and fees designed to manipulate behavior within the economy.

Answer 2

The economy of Great Britain, or better said, the United Kingdom, is a mixture of socialism and free markets. Previously, many key industries, such as airlines were owned by the government. Now they have become privatized. Other industries such as coal mining remains in the hands of government. So far this system has served the UK well. It is a prosperous democratic country.

Answer 3

A capitalist free market economy that is more geared towards the service sector these days

Answer 4

Britain is a Free Market Economy