The advantage and disadvantage of free market economic system?

Question

What is the advantage and disadvantage of free market economic system?

Answer 1

If you want to get into the advantages (pros) and disadvantages
(cons) of such a system, I suggest you go here:
http://en.wikipedia.org/wiki/Free_market

Answer 2

The advantage is diversity in products and services, that the people know best, without government intervention, the most efficient way to produce new markets. This is classic Adam Smith philosophy.

The disadvantage is, without regulation and a graduated income tax, the stronger, more successful producers form up monopolies. The cleaver take away from the dull minds.

Consider, if the free market economic system was nothing but a lottery, and the only way to generate wealth was with the purchase of lottery tickets. Those with vast capital have a distinct advantage every time the drawing takes place as they can buy whole blocks of tickets.

That is to say, a balance has to exist between government intervention and the people generating the weath within an economic system. As Karl Marx noted: money flows to the top, stays there and doesn't circulate very well for the rest of the economy without a graduated income tax.

Interesting that both these extremes of economic thought became expressed in England at the end of the 1800s. The British Empire had reached its zenith as a system and what we see is an upper middle class enjoying the fruits of colonialism past before the future two world wars would spread the wealth to more people.

Answer 3

Advantage: With enough hard work anyone can be come prosperous.

Disadvantage: If you are a loser who is to lazy to get up off of the couch and do anything to get ahead then you are falling further behind everyday.

Answer 4

Free-market economics leads to the unequal distribution of happiness. Socialism and communism lead to the equal distribution of misery.

Answer 5

what are those?