What are failings of both free market economics and the opposite socialism?

[Rob]

I am attempting to ask a balanced question seeking balanced answers. So please don't give answers with heavy biases.

[rambeater]

I have always liked the idea of socialism and free markets, but I think you can't take both to their extremes. In a pure free market, you generally end up with a wide gap between the rich and the poor. Doctors in the U.S. tend to make (I remembered this from the movie Sicko) three times more than doctors living comfortably in France off a 1 million dollar paycheck. On the other hand, I believe the French get free healthcare (don't quote me) while U.S. citizens have to pay a load of money to see a doctor. Another trouble Free Markets encounter eventually is rioting, but I would assume that is pretty common on the global extent

Extreme socialism has an absence of innovation because the more money you make, the more you are taxed on it. During a recession, deficits may rise more because of the social funding, and rights are usually involved in a negative way.