Makes the problems of capitalism even worse. Instead of the owner class you get an even smaller political class controlling all means of production - the party leadership. It becomes even more prone to corruption than capitalism.
Adding to problems is the planned economy - it always results in misaligned incentives, bad allocation of resources, constant shortages…
Third, possibly the worst, is the constant insistence on ideological purity and severe punishment of “thought crimes”. Or as they like to call it “counterrevolutionary activity”.
Even though it was created out of good intentions, I don’t believe a lot positive aspects can be salvaged.





You also seem to have American thoughts in the background