What are the defects of Free Market Systems?

Unemployment: Businesses in the market economy will only employ those factors of production which will be profitable. There will be lot of unemployment as more machines and less labour  will be used to cut cost. Machines will be used instead of human labor and that will cause unemployment.

Certain goods and services may not be provided: There may be certain goods which might not be provided for the market economy. Those which people might want to use but don't  want to pay may not be avaliable because the firms may not find it profitable to produce. For example: street lighting.

Consumption of harmful goods may be encouraged: Free market economy might find it profitable to provide goods which are in demand and ignore the fact that they might be harmful for the society.

It only gives strong competition to the Local / national producers and many a time those could not stand against the International brands.They are forced to improve and standardized their products vis-a-vis to International quality.

Prices are the determining factor, which makes a poor more poorer and the rich more richer.  It creates economic imbalance in the society in a big way in developing economies where the factors of production are controlled by a few. The main stream of the poor population are gradually thrown out of the system without any access to wealth and the basic needs of subsistence.