I think it would be a very different way of life. There is a tiny village (Marinaleda) in Southern Spain that is a very interesting social experiment. Google it if you get chance, they run a cooperative community where everyone plays their own role.
One thing I think would be interesting (and I haven't yet decided the full consequences but it's something I think about) is how people's attitude to money would change if you weren't allowed to pass on any inheritance to the next generation or there was a maximum personal donation limit.