This is quite short. Rewrite according to the comments.
Make meaningful use, of course resources, whether essays from the text or postings in Blackboard. Especially, take advantage of the definitions I give for capitalism and socialism.
Handle criticism that capitalism is immoral on the grounds that it is a form of economic oligarchy.
Handle criticism that capitalism is defective because it is based on competition alone as an economic virtue and ignores the equally important economic virtue of cooperation (which socialism is based on).
Handle criticism that it cannot be the case that it is unrealistic to think the choice is between capitalism or socialism once and for all, but rather, we must find the proper compromise between the two.
Citations for your main points would help. Even for course resources.
Talk about the conditions that favor or do not favor socialist planning, vs. the conditions which favor or do not favor capitalist management of the economy. Your criterion is relevant, but needs to be bolstered by a discussion of what kind of socialist planning is feasible, as well as what which aspects of the economy we can reliably entrust to capitalist logic.