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Communism is based upon the theory of an economic Utopia, where all wealth is shared and distributed equally, with no personal ownership. The theory, devised by Karl Marx, espouses that human greed can be eliminated by changing human nature, which can be accomplished by changing the environment of economic inequality. The fatal flaw in the theory is the belief that external conditions can actually change basic human nature. In the communist system, the corporate elite is replaced by a ruling (government) elite, which, in theory, is supposed to be a benevolent authority with the best interest of the people in mind. Human nature being what it is, this is quite impossible, as the communist ruling elite succumbs to the same greed it claims to be able to extinguish. Human nature cannot be altered.

Communism also squashes the competition which leads to excellence, because it removes all incentive for human beings to excel. Think of it this way....two basketball teams play each other. One team works harder, plays better, and wins the game by 40 points. In the communist model, there is no winner and no loser, so the losing team has no incentive to improve, and the winning team has no incentive to keep winning. Since competition leads to invention, this is not a good thing for the human race.

Link:
What is communism? | Yahoo Answers