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I was hoping for an actual discussion rather than a link to a 20 min video like that.
That 20 min video was all "capitalism is bad" and only for a few seconds near the end where he proposes "Communist Realism" without even attempting to explain what it is or compare any sort of pros and cons.
So to summarize the video for anyone else who doesn't want to waste their time (in the context of the questions I proposed):
Video: "Communist Realism, buy my book"
Video: "No, they weren't given a chance because capitalist countries overthrew them in one way or another."
The video didn't really address this other than:
Video: "Capitalism bad, people are stuck thinking there's nothing else"...