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Jamestown tried this. In the very beginning, every colonist was entitled to an equal share of the colony resources. Share and share alike. They nearly all starved to death. It seems that when everyone knew that they had a share of what there was regardless of what they did to help produce it, too many of them all did whatever they liked and what they liked too seldom was anything productive that contributed to the upkeep of the colony's stores.
This is why they had to change the rules to he who does not work, does not eat. Still, they did not prosper.
It wasn't until they let people *gasp* get a little greedy and produce and keep some of what they produced for themselves to do with as they wished that Jamestown really begun to prosper. When people can enjoy the fruits of their own labors, they are often inspired to work harder and wind up producing more than they will if they know they have no right to any of what they're making in the first place.