Socialism and fascism:

As an English Lord once declared,

"Power corrupts; absolute power corrupts absolutely."

With the government in complete control of an entire nation, history tells us that power and authority can quickly go to one’s head and put the whole nation on the dark path to fascism. If we carefully study fascism it shows that it is a system of government where a small group of powerful peoples control every thing. And its establishment is responsible for some of history’s great crimes. Fascism is another of the disadvantages of socialism.

 Advantages:
The economy is under government control so there is no boom and bust. Its constant and sustainable and more fairness and ethics can be put into place. Employment is higher. It is sometimes easier for the state to control things.

Disadvantages:
The scope for business is much more poor which reduces us working with international companies in the world market. There is no competition and less diversity. Domestic businesses do not have the motivation to get rich. It is sometimes hard for the government to manage everything.