It's a good theory, but I don't think it works in practise.
For starters, even in communism you will have a group of elite who have more power than others. I doubt members of higher ranks of the USSR were waiting in line for bread like everyone else.
There's never going to equality in that sense, human nature is to try and exploit any system for individual gain first and foremost.
Capitalism is just more upfront about it.
Socialism works just fine though, with Canada, Europe, and Japan adopting various degrees of it, so there's that.







