Mixed economy was envisaged for the first time in the?

The concept of a mixed economy was first envisaged in the early 20th century, particularly during the 1930s, as a response to the limitations of both capitalism and socialism. It combines elements of both market-driven and planned economies, aiming to leverage the efficiency of markets while providing for social welfare through government intervention. This approach gained prominence with the work of economists like John Maynard Keynes, who advocated for a balanced role of the state in economic activities.