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The dawn of mature capitalism coincides with the Industrial Revolution (ca. 1750-1850), during which machine-based manufacturing became the dominant sector of Britains economy. Belgium and France began to industrialize toward the end of this period, followed by the United States, Germany, and Japan in the late nineteenth century. 11,36 Since that time, debate has raged over whether national economies should be free market (laissez-faire), command (socialist), or mixed. In a strictly free market economy, all goods and services are produced by private firms; the government does not interfere. In a strictly command economy, production and distribution is carried out entirely by the government. Between these extremes lie mixed economies (e.g. government ownership of utilities). Generally speaking, history has shown that strongly free market economies and tend to have problems with stability and equitable distribution, while strongly command economies are susceptible to inefficiency. 3 (Note that the term "socialist" sometimes denotes a measure of government intervention, rather than outright control; by this definition , "socialism" is synonymous with "mixed economy".
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