HELP PL Can someone just look over this for me and give me edits so I can revise it pl

The object of the essay is to discuss the benefits and problems of capitalism and socialism, and evaluate which system provides the greater overall benefit to society.

Just like many other things, capitalism and socialism have problems and benefits. Capitalism and socialism are both economic political systems, but they have some differences. Capitalism is where the country's business is controlled by not the state but private owners for profit. Socialism is where all factors of production are owned and controlled by the people. Capitalism and socialism have both their similarities and their differences, but which system is better for society?

Capitalism is not a perfect system. One problem is how it enables the creation of a monopoly in the supply of goods and services, which tend to charge larger prices at the consumer's expense. It also breeds class differences between the owners of the production and the workers. These are just a couple of capitalism's problems, but the system also has its benefits. On the other hand, consumers usually enjoy a broader selection of goods and services since the system allows competition. Another benefit is more significant incentives to work hard since they enjoy the profits generated from owning the means of production. Lastly, greater market efficiencies since businesses find innovative means of cutting down costs and retaining product quality.

Like capitalism, socialism also has its problems. Socialism involves government ownership of resources, leading to inefficiencies due to workers lacking the motivation to work hard. This system also requires high taxes that may decelerate economic growth. Though socialism has problems, it also comes with benefits. One significant benefit is how the citizens are treated as equals, and the wealth produced by workers is divided equally to everyone. Another benefit is how the government ensures balance in resources usage and distribution. It also decreased class differences between the lower and higher classes.

Between the two systems, capitalism and socialism have different advantages that are helpful for the people. Capitalism means that select people would control society for wealth, which can be good for the citizens since there'd be good order depending on the rulers. Socialism means that the people control the produce, products, and prices, which can also be good because there's a better chance for equality for everyone that way. However, everything good has its disappointments, and these system's problems are very damaging for the people.

Capitalism allows the creation of a monopoly in the supply of goods and services, but socialism means government ownership of resources, which leads to incapability due to workers lacking motivation to work hard. After evaluating and forming my opinion about capitalism and socialism, I believe that socialism is the greater benefit to society as long as people fully understand and agree to commit to their responsibilities.

Overall, I feel that capitalism and socialism are suitable for the citizens depending on the society. Capitalism and socialism are economic political systems, though they have their similarities and their differences. Capitalism's benefits seem more beneficial for the wealthy than the citizens, and socialism's for the people. I believe that the system that is used for society depends on the type of society.