I'm a firm believer in Socialism. Currently I have a book about it(and Communism) ordered to further understand it, but from my understanding as it is currently-The majority of America just think about it as, "Damn Commies!!!" and many associate Socialism=Bad. I do not think this is the case with how it should be.
On Socialism Economically: Many would say it would hurt the economy, but I believe it would do quite the opposite. With the government controlling the means of production, everything would fall in place as they would want it. There would be no outside force to upset or collapse it. On the other hand, there would be no outside force to boost it; no companies to invest in. Just the government. Nonetheless, I think socialism is a better alternative.
On Socialism Morally: See 'On Communism Morally'
On Communism Economically: Now, unlike Socialism, this is the polar opposite of Capitalism. Everything is controlled by the state, and the state is the people. Therefore the people control the state, and the property. Everyone works to contribute to society and the nation, not to further themselves individually, but doing it so they could all advance collectively. Imagine this: Capitalism. You are raised in a rich family, and inherit or assume a high-ranking, high paying position or receive great education, thus you live to have a massive net wealth. The couple across the street, however, were raised by poor parents and could not receive a great education or inherit great wealth or high-ranking position. As a by-product of a meager education, they do not get a great job. They could work twice as hard at the wealthy couple and never achieve their wealth. In communism, this is not the case. Either both people are wealthy, or both are poor. Everyone is equal in communism, which is why it works so well on small scales. Take DF, for instance. Why does everyone turn off economy? Most of the time it is due to a bad framework, but also because inevitably the economy fails or the lower working class cannot afford the smallest of housing. Then there are homeless. Communism works well on a small scale mostly because everyone takes everything.
On Communism Morally:I often find that anything less than Capitalism is viewed as horrible and in a violation of human rights in the Western World. No, no, no. It is everything coming together to benefit everyone, not just one person. It is for the good of everyone, for the society. Please give me any moral problems with Communism and I can tell you how it is better than Capitalism.