Capitalism is never in a constant state. Generally, it has worked well. But, there are times like the 20’s and today where disproportionate financial influence has been leveraged in and out of government that yields a very skewed result. We are currently experiencing such a period and this has led to a capitalistic system that is spiraling out of control and causing ever greater levels of civil unrest.
First, define capitalism. Here's my definition/description/interpretation:
Capitalism is the collective interaction in society that at some point involves the exertion of effort by one party to produce a good or provide a service to another party in exchange for some other good or service, conveyed directly between the two parties, or indirectly through one or more other parties. It is established by the forming of a state and enabled by that state's government. It is a way of obtaining goods or services that doesn't involve theft (stealing, robbery, fraud, etc.), invasion (violence exerted by an outside entity that isn't a party that has entered into any form of agreement subject to the state, or any party that is part of the state, that is invaded), or the dependency on individuals to be fully self sufficient.
Trade is the direct interaction between two parties to exchange goods or services between each other, whether by barter or by use of a medium of exchange. It also refers to a field of expertise for goods or services.
Capitalism can basically exist in two forms, at the public/collective level; one is the free market system and the other is central planning (aka "state capitalism" or "command and control market").
A free market system allows anyone to offer any good or service for trade. It doesn't give anyone offering a good or service the right to force others to engage in trade with them. It also doesn't mean that a good or service can be used to commit a crime.
A central planning system involves the placing of limits, restrictions, bans, or mandates on trade. It is the form advocated by socialism & is essentially a form of enslavement by forcing individuals to buy or sell a good or service whether or not they're willing to do so. It entails the use of force & violence from the state against individuals in situations where there has been no victim.
Neither a free market system nor a central planning system gives anyone offering a good or service the right to arbitrarily or selectively refuse a good or service they are offering on the market.
This is just a draft & partial explanation, and I can expand and revise as needed. You guys are totally welcome to suggest your own ideas that delve into the details & expand on the concept, and what I'll do is respond by stating whether I agree or disagree with it & what I have to say about it, if I get a chance to do so.
Now for the pros & cons.
Pros: It makes humanity more economically efficient by allowing individuals to specialize in one or just a few trades, rather than everyone having to be experts in every field, which is very economically inefficient (being self sufficient has a strong tendency to lead to poverty).
Cons: It still makes us dependent on trusting each other; it leads to envy; crime, poverty, war, abject hunger, homelessness, pollution, and other such problems of society still exist; it cannot be avoided or eliminated without either living in total isolation on some remote location such as a tropical island or by implementing automation, robotics, and other advancements in technology - which has not yet been achieved.