What are the pros and cons of traditional economy?

Cons

Lack of modernization, hard to change economy's "style"

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

Pros

A sense of community within the economy

Income equality

Potential to get thins done VERY quickly

The roles of individuals are clearly defined

Every member of the society knows exactly what to do

Most don't have complaints about what to do