I have a vague memory that some of the German Social Democrats, in particular Hilferding, thought along similar lines - that Monopoly Capitalism would make socialism thinkable and possible.
Bits of are repulsive, though I think Bellamy has tried to think kindly about the way in which a future society will include women (somewhat better than Morris did), and about how "from each according to their ability" really does mean that those who can't contribute much deserve just as much as everyone else.
As a piece of fiction it's not great, but better than Morris's book, which has a lot of people floating about dressed as happy medieval peasants and doing cute crafty things. Bellamy's frame tale, in which he explains how his protagonist arrives in the future, also seems better crafted than Morris's, which is barely explained at all.

