What are the benefits and drawbacks of socialism?

Socialism is an economic system where everyone in society receives a share of the production based
on how much they have contributed. It is a basic nature of people is cooperative and it is motivates
people to work more if they want to receive more. Socialism has so much benefits, but it also come
with a drawbacks.

Benefits Drawbacks
Greater efficiency Elimination of individualism
Economic growth Consumer suffer
Natural resources are Non-existence of economic
preserved and political freedom
Absence of business Economic equality
flactuations Non-existence of
Absence of monopolistic competition
practices