The competition with other people won’t be the only thing but also the competition with yourself won’t be necessary. People compete with themselves as a daily basis and try to become better every time they do it again. Without competition it would be impossible to try harder everyday and achieve new things. The people in society would have no pride in themselves, because they have no achievements to be proud of. The people in society would have no motivation, because they know they're only allowed to achieve and do better up to a certain point, they aren't allowed to motivate themselves to go farther than that point.
Without competition in the markets, there would be no variety in the markets. Consumers would be deprived of quality products at competitive prices, because companies would no longer compete. Bread can have the most horrible taste, and society is just going to have to buy and eat that bread, because there are no other companies competing to make a better bread. Not only is this true, but there would be monopoly. Companies could charge as much as they want, because they're the only ones that sell something.
The medical, science, technology, and military defense fields are damaged if competition were to be taken away. Advancement in these fields will be slowed down. The military is always challenging companies to be the first to invent a more efficient plane, bomb, ship, tank etc. these challenges go on between more than one company, to see which company is the first to invent something asked of the military. But