What is the economic system in the United States?

The economic system in the United States is classified as a mixed economy. This means that it incorporates elements of both capitalism and government intervention. In a mixed economy, free markets and private enterprises play a significant role in driving economic decisions, but the government also regulates certain aspects to ensure fairness, regulate monopolies, and provide public goods and services.

For example, while individuals and businesses can own private property and make profits, the government steps in to regulate industries (like healthcare and transportation) to protect consumers and ensure a stable economic environment. This balance allows for innovation and competition alongside the government's role in providing social safety nets and addressing economic inequalities. Such characteristics distinguish it clearly from purely command, socialist, or traditional economies, where controls and ownership differ drastically in favor of government or communal regulation.