Communism is a brilliant idea...as long as it stays as an idea. Communism in real life does not work because those down there (us) have nowt and those running the show have everything. At least with Capitalism you have a choice.
Haven't you just described dictatorship/totalitarianism? Communism, as a socio-political theory, is the opposite of what you described. Of course it doesn't work in practice because power corrupts and humans tend to be greedy. I personally don't think communism works because it's built on the theory that we are all equal which sadly I don't think is true. However, Humans should all have universal fundamental rights to education, health care, safety, fair living standards etc. That I believe in. And that's what's being currently eroded.
We definitely need a new version of capitalism that has social and environmental conscience at its heart.