Yes. It worked for a while. Last 100 years a lot of economy happened. But it's inherently flawed by creating artificial scarcity.
Discussion
It never “worked.” Productivity gains from technological innovation temporarily allowed it to exist without destroying those who took it up.
Did it really work, though, or did it simply reduce all growth and prosperity, possibly otherwise?
Yeah it’s less accurate to say that “it worked for a while,” than it is to say “the damage wasn’t obvious for a while because there was enough wealth and productivity to confiscate quietly.”
Kind of like how you can have cancer for a really long time before it becomes a problem.