Socialism is the idea of getting rid of distinctive classes so basically everybody is working together in distribution of products,goods, and just overall everything that contributes to the economy. To me the benefits of that would include- { no classism everybody is working towards a common goal, ends the ideal of the wealthy ruling and keeping lower classes at the bottom, all in all the idea is for everybody to be equal in opportunity.} Some negatives may include- lack of competition, no room for entrepreneurship, lack of value
Capitalism is the system in which you work for the opportunities you have, but remember some people are born into wealth and handed opportunities. The benefits of this include- {self-validation you build what you want} Some negatives may include- inequal opportunities, market failure, exploitation.
In my opinion, many socialist economies aren’t thriving (Cuba,China,Venezuela) goods and services aren’t valued. Though I understand the unfairness of capitalism because we all aren’t born with the same opportunities or circumstances, I would say socialism definitely would be a risky approach for an economy because look at those countries with terrible living conditions and insufficient wages.