It doesn't work

Communism takes socialism to the next level. In socialism, there is still a sense of private ownership. Under communism, all property becomes communal. The principle becomes “from each according to his ability, to each according to his need.” Under this system, there is no incentive for hard work or efficiency – and as a result, the quality of things produced decreases. The supply and demand model of a market economy breaks down because supply can never reach the demand, leading to a higher price for lower-quality goods and services. Eventually, the economy becomes unsustainable and crashes, as we saw with the Soviet Union in 1990.
However, remember both communism and socialism stem from German historicism. The seed of German historicism is best illustrated by an old method of wolf hunting. The indigenous tribes would stick a knife out of a block of ice, and sprinkle the blood of an animal on the blade. The wolf would smell the blood, lick the blade and lick the ice occasionally as well.  Eventually the wolf would cut his tongue, numbed by the ice, but would believe he was still licking the blood of the other animal. Obliviously continuing to cut his tongue, he would bleed to death, unaware that the delicious promise before him was a stage for ignorant death.