Only because I would get carried away...
Pros of communism: Working class gets benifits. Everyone lives a communal lifestyle which is very healthy. Similar to the way priests and nuns live, they are healthier because they live communally. People get an equal chance in life.
Cons of communism: Lack of individuality, if you want to go in to business you are horribly held down. Almost impossible to reach goal of communism because people in power are power hungry and they are unwilling to give that up in order to achieve the goal of the state. People put the state before themselves, it ends up being like a machine. Even though everyone gets an equal chance to suceed, there isn't much room to move up because government doesn't allow you to.
Pros of capitalism: Free market, people rise and fall on their own merits, government stays out of business, very strong middle class, no limit for how rich you can become.
Cons of capitalism: Exploits the average worker, takes many generations (on average) to move up a social-economic step, gap between very rich and very poor is large, lower class people get very few benifits and end up having to turn to dealing drugs, stealing, murder, anything they can do to get food on the table.
I believe in a mixed economy with aspects of a gift economy built in.
http://en.wikipedia.org/wiki/Gift_economy
Take what you read there with a grain of salt, a lot of what it is saying is based on a pure gift economy which is such a ridiculous idea that it is laughable. Why not go back to being cavemen if you use the entire idea of a gift economy, but aspects of it really intrigue me.