What are the advantages and disadvantages of the free market of economy?

[Brendiieâ„¢]

Please list down some advantages and disadvantages of a free market economy. Thanks for your help! ^_^

[Griffin]

This answer couldn't be written in such a small space.

Advantages:
-Price competition provides lower priced goods
-Competition demands efficient usage of raw materials
-Competition demands improvements

Disadvanage:
-Lacks social responsibility (that answer really encompasses a lot)


These are just some small items. Since there really are no completely free markets, it is hard to point to any country and call it a free market.