People haven't done it recently because it simply doesn't work for many of the same reasons that nonmarket socialism doesn't work.

You inevitably have people with notions that everyone should work as hard as they can and only be paid based on need. Claims that its an extended family. Everyone belongs to each other, yada yada yada.

It gets real twisted real quick, and the only people to benefit are those that lie at everyone elses expense. The ones that are exploited the most are the ones that produce the most, so it drives any kind of efficiencies out of the business. There's no incentive to do anything productive, and you get the same inefficiencies of bureaucracy and corruption with negative production value. Those that are better get socially punished for being better and making everyone else look bad.

You also can't have that dynamic when you are using other people's money (investors) unless you want to lose everything.