What kind of economy does the United Kingdom have?

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2026-07-16 10:45

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The U.S. economic system is based on the idea of a free market (or capitalist) economy, where there is no government regulation of the economy. A free market economy means consumers and businesspeople make choices about what should be manufactured and sold and anyone who has enough money can buy anything they want. However, the U.S. economic system also has aspects of a command economy (which uses government regulation), because the government controls some things (such as requiring cars to have safety features).

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