Well communism has been tried and it didn't work. It was trounced by the capitalist world which, nevertheless, adopted some socialist ideas, especially in Europe.
So no, it's not time to do better. Communism isn't the next step after capitalism. It clearly isn't remotely capable of competing with capitalism in the long term. No matter how many thousands of pages of theoretical wishful thinking people have written about it, if it doesn't work in the real world it doesn't work. It always ends up in authoritarian, repressive regimes that are economic backwaters. To the extent that they desire secular growth they have to open up markets like China did, and simply become authoritarian and somewhat economically free.