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Pros

A sense of community within the economy

Income equality

Potential to get things done very quickly

Cons

Little innovation

No competition within the economy

Firms will have a hard time competition in the world market

The quality of the good are detrimental

Inefficient allocation of resources

Lack of Freedom

Lack of personal gain

Generally, there is a lower standard of living when compared to a free market economy

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17y ago

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