Socialism was, is, and will continue to be an utter failure in everything except keeping people behind Berlin Walls, iron curtains, and barbed wire. There is a reason people tore down the Berlin Wall with their bare hands the moment they realized they would not be shot.
There are a variety of reasons why Socialism just doesn't work very well. Even setting the moral reasons aside, it is a form of statism that relies on the government being able to predict and manage the economy. Government has proven time and time again that it is incapable of doing this, sooner or later to disastrous results. Why would anyone think that this will magically change?