I agree, in fact all you have to do to see if this would work is to compare the history of Germany and East Germany. I was in Germany went the wall went down. On a return visit we went to Berlin the stark differences between the cities was amazing. We travelled to East Germany where bombed out buildings from the WW2 still had not be repaired.

We are human and as humans some of us will work hard, some not so hard and some not at all. That is why this type of system will fail!