When the pilgrims settled in America they attempted to create a socialistic type society where people produced goods and services for the good of the society. The experiment was not successful. The next year the governor allocated land to each family to produce corn for their own good. This was successful. Why?
With individual ownership of property, there is no link between the good of society and the good of the individual property owner.
With individual ownership of property, owners often attempt to shirk responsibility because there is an incentive to do nothing because they only receive a fraction of what they produce.
With common ownership of property, the community keeps the value created by moving assets to higher-valued uses thereby creating an incentive for the community to engage in such transactions.
With individual ownership of property, owners keep the value they create by moving assets to higher-valued uses thereby creating an incentive to engage in such transactions.