There have been many countries that have adopted communism or Lenin / Marx socialism, the link below provides a list:
http://en.wikipedia.org/wiki/List_of_socialist_countriesPlease tell me which of these countries have been successful, so successful they are still using such a system and have a higher PPP, than their capitalist counter parts. Most communist states like china, Vietnam have introduced capitalism as they have found that socialism just does not work.
I'm not going to say that all socialist reform is bad and as an example when you have a small landowning class and a population that is incapable of industrialization (which is how the UK escaped this situation) that sensible land reform so the majority of the citizens can get a foothold in society and a ladder to which through hard work they can lift themselves out of slums and poverty. But IMHE mass market socialism destroys wealth and impoverishes people, so you have an equality of misery apart from the ruling class.
In the UK cooperatives are allowed and there are two big examples. The Co-Op chain of retail businesses which includes their own bank and The John Lewis Partnership. Where they are different to a socialist / communist cooperative is that they are run like capitalist business, with different pays scales for different levels of responsibility, but they are non-profit making in the sense that staff get to share the profits as they are essentially the share holders.
In a free society you can set up many types of businesses, if you are the founder, your business your choice on its ethos.
This country has a rich foundation based upon the generosity of many rich company owners. Some of which like social housing in London are still running today.
The Supermarine Spitfire would not have been designed and built, like it was, if it had not been for the Schneider Trophy winning aircraft designs by R J Mitchell with the financial support from Lady Houston who married into the rich landed gentry.
http://en.wikipedia.org/wiki/Lucy,_Lady_HoustonRich people are also an important source of funding for start up businesses. In the UK their is a strong Business Angel network for this, which is an important source of funding which does not involve banks.
The problem with Western societies at the moment is that there are too many people that do not pull their weight in society, where they are heavily subsidized by the rich who volunteer to pay taxes in their own country and the middle classes. This system has been set up by socialist politicians. An icon of how successful a low tax, low regulation capitalist country can be is Hong Kong.
At the moment most investment is difficult to justify, while the country is in a depression. The only way out of it is supply side reform as there is much too much business regulation, bank reform, executive pay reform, political reform, a shrinking public sector and reduced taxes. There is no main stream political party in the UK prepared to tackle these problems along with the French socialist system being forced upon us by the EU. So I can't see where any future economic growth is going to come from. We will be like Japan, although for very different reasons with at best many years of stagflation or even more likely after the 13 years of misrule and crazy borrowing by our last Socialist Government, which has helped to make us the most indebted nation on earth, by 2015 it is looking likely that we will a have bankrupt country which will have to default.
Under our last social Government misrule we went from one of the top 10 most competitive countries to not making the top 20. The same with English, Maths and Science, we are no longer in the top 20 let alone the top 10 in the world like we used to be. They have completely screwed up to higher education system, where they set a target for 50% of people to go to university, most of of this new influx taking degrees that were a waste of time and many finding the best employment they could then find after graduation was a McJob flipping burgers.
And all socialist politicians are attracted to the new modern religions of Climate Change and Ecosystems, as a method of taxing and duping the population through propaganda on how necessary, wonderful and enlightening these new religions are, so they are throwing huge sums of tax payers money into things that will not work.
With Dens comments I agree that we should not be dogmatic, but always look for the best solution. This is lost on the current generation of politicians with very few exceptions, who are there for what they can make. Modern day politicians with a few exceptions are there for not what can I do for my country, but what can my country do for me!
All humans are essentially selfish, it is part of our survival mechanism. That was the very point made by Adam Smith on why capitalism works.
The basics that we need are water, food / energy, clothes and shelter. Food and energy are linked together as humans cannot survive without cooking food. In Greece there are charity soup kitchens, in the UK energy poverty is an increasing problems and is going to get worse due to subsidies to appease the Climate Change High Priests and Gods.
So politics and debate do matter over systems and laws as whether we like it or not we are ruled by politicians and the things they do and mistakes they make can have profound effects on everybody's lives.