Many nations throughout history have used all sorts of economic systems, but I believe that the free market system, all though it has its problems, provides the best quality of life. A free market system legally gives everyone the same chance to succeed, and allows for more individual freedom than any other economic system. The concept of the 'invisible hand' of self interest driving an economy truly does work, but a society full of people trying to fulfill their self interest also has negative effects on quality of life, especially for the poor.
Obviously, the most important advantage of the free market economy is freedom. Freedom makes a huge difference in someone's quality of life. If you live in the USA you have the absolute freedom to choose any occupation and become as successful as possible. Government interaction in a free market system is very low, and is basically limited to enforcing laws and controlling monopolies.
A disadvantage of the free market system is that since the whole economy is dependent on millions of different people, it is risky and unstable.
There is rarely a shortage of jobs or opportunities in a free market system, so someone is guaranteed to find a way to make money if they search hard enough. There are quite a few homeless people in the USA, but I personally believe that the fit ones are just lazy. I simply can't believe that there is no possible way for someone to get a job. However, I do believe that there should be some government interaction to help get disabled people off the streets, because they can't enjoy the opportunities of the free market system like everyone else can. Homeless people have a far lower quality of life than most people in...