Major Criticisms of Each SystemKarl Marx, a German philosopher, argued that“A market economy was inherently unequal and unjust because power would beconcentrated in the hands of the owners of capital”.Marx is credited with coining the term capitalism.John Maynard Keynes, an English economist, believed that“Pure market economies were unable to effectively respond to major recessionsand instead advocated for major government intervention to regulate businesscycles.”Ludwig von Mises, an Austrian economist, argued that“Command economies were untenable and doomed to failure because no rationalprices could emerge without competing, private ownership of the means ofproduction. This would lead to necessarily massive shortages and surpluses”.Milton Friedman, an American economist, noted that“Command economies must limit individual freedom to operate”.He also believed that economic decisions in a command economy would be madebased on the political self-interest of government officials and not promote economicgrowth.