Free Market .com - What are the advantages and disadvantages of the free market of economy?

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

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

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.