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Piracy is Good: The Moral Imperative of Sharing Knowledge
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Yeha, I don't think an economy based on donations would work because I know how awful humanity is.
Same way people figured out how to exploit capitalism, they'd figure out how to exploit your proposed system....and it is the most exploitable system I've heard of. This isn't paradise, people aren't singing Kumbaya and holding their hands.
Your proposal is the equivalent of putting a passed out girl and a rapist in a dark room and asking him to please behave. The rapist is humanity and the girl is a donations based economy, in case that wasn't clear.
There are instances of communities in which communism works, but it never does at large scale. Idealism doesn't always match reality, specially considering how evil and power hungry humans are.
The problem of capitalism isn't capitalism itself, it is a decent system. The problem of the system is their users, power hungry and corrupted users. And any system will get twisted as long as humanity doesn't change its nature.
What's next? A government that relies on donations instead of taxes? Workers that rely on donations from their employers?