Someone tried this, it was called "USSR" (a.k.a. Soviet Union)! They started by nationalizing all businesses, and had all sort of interesting laws, like jail time for people without "real" jobs (to prevent people living off passive income). Or jail time for people who were trying to get rich by selling stuff for too high of a price.

Look it up, pretty interesting story. They did have to build a strong border protection force to prevent people from trying to escape the country, but the country still lasted 69 years.