Answer:
Advantages of socialism include a lack of exploited workers, and discrimination is also frowned upon. Disadvantages are that the system depends on universal cooperation, and that there aren't as many competitive or innovative workers.
Step-by-step explanation:
In a socialist system, everyone has a say on the distribution of resources, so you can't be as easily ripped off. There's also less discrimination, because people just do what they're best at (and the system frowns upon discrimination). There is always a tradeoff, though, and as such socialism requires a cooperative populace. Competitiveness is viewed negatively, since it's the antithesis of cooperativeness. There isn't much competition in the workplace, as everyone is assured a steady wage, and socialism doesn't reward innovation, either. So people don't innovate; there's no reason to.