Democratic socialism: This approach seeks to achieve socialist goals through democratic processes and reforms, rather than revolution. Many modern social democracies retain a capitalist system overall but incorporate socialist policies like strong social programs.
A mixed economy is an economic system that blends elements of both capitalism and socialism, combining private and public ownership of resources and businesses. In this system, private individuals and companies operate for profit in a market economy, while the government intervenes through regulation, public services, and taxes to promote social welfare and economic stability. This hybrid approach aims to leverage the efficiency of private enterprise while also addressing market failures and inequality.