The advantages of a socialist economy include better social welfare systems, more efficiency and absence of monopolies. In a socialist economy, the people are taken care of before anything else is.
A socialist economy gives individuals a chance at equal opportunity that is based on their contributions toward a total goal. Companies and businesses are owned by public sources that include the government. The people who work for these companies are compensated according to the contributions that they make toward these companies. Citizen healthcare and well-being is taken care of by the government from a pool that comes from all of the citizens of the economic system.
Nearly all people in a socialist economy are equal. This equality contributes to the fairness of the policies that are established by the socialist government. All items and goods that are needed for the country are imported and produced according to the specific demand of the citizens. Citizens all have equal opportunities for employment, healthcare and housing. Citizens, goods and employment are all treated the same way regardless of the size of the company that is handling the entities. Socialist economies do not have room for a single large corporation to monopolize an entire industry and group of people.