The biggest advantage of socialism is the equal distribution of national wealth among the nation (equity). Yet it is its biggest downfall is it promotes inefficiency, often resulting in poor economics. Equity eliminates poverty from the system and there is no discrimination based on financial status, educational qualification and other resources. There is no caste system and no bigger class. Ideally. everyone enjoys the same facilities and resources at the same amount. There is no need and suffering.
The social welfare programs like public housing, public health care, food stamps, public education etc. are the fruits of socialism. The society based on socialism does not face political, economic and social inequalities. Everyone is guaranteed to have all the basic necessities of life like education, housing, clothing, food etc.
Drawbacks of socialism include impossibility, to implement and enforce. Most people do not like sharing when they are the producers of something. As equal amount of resources is ensured, the question arises who will produce these resources and at what amount. If there is no limit on production, it will lead to inequality. If there is a limit, there is no incentive for the workers to work and produce.
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