It's trying to work in China
I have not yet seen any country that I would consider to be a socialist country because it seems that in all countries socialism is looked down upon as an evil thing. I think that the ruling class has always taught it to be bad because they know that it is not in their financial interest.
It is too early to say, as it could be reformed. It is certainly extremely ill at the moment. I expect that we will move into a low work low consumption system, which very likely will not rely on money, where the drive will be to create quality of life with others through cooperation rather than the current drive to acquire stuff and money. I am not at all clear on how it will work, but NGO's will play a part, and likely aspects of the 1970's communes will be present as well.
EDIT: Marx was right about a lot of stuff. The biggest problem with capitalism is greed run amuck, once the capitalists got the upper hand over the citizens through corruption of government capitalism was a lost cause. Left to their own devices capitalists will destroy capitalism every time.