Five centuries from now, how will historians explain what Communism was?

The passing of Hugo Chávez provides a moment to consider the
question of the waning of the Communist era. The history of the origins of the Industrial Revolution that I've been reading led to that question.

My tentative answer is this: I suspect Communism, while it
played a major role in the 20th century, will be hardly remembered
by historians 500 years from now. After all, it was a blip empire that lasted
about as long as a human life. Its significance, I am guessing, will be seen as
just one spinoff from the Industrial Revolution. Maybe like global warming but
far less important.

In sum: Communism may
be the Albigensian heresy
of our time. Sure, that belief system covered a smaller geographical area (but
I think a larger chunk of the known
world). And there is no question that it lasted much longer.