Can someone explain to me the process of land restoration during the jubilee year (every 50 years)?

I just learned about this and I have many questions. How was this law enforced?

Does this mean that it was impossible to own land indefinitely in ancient Israel? How could anyone accumulate wealth in this system? How long was it put in place for ? What if the new owners were facing greater economic hardships than the previous ones? Do they get to keep the land for longer?

I have never read anything like this in other ancient societies and it seems to be a very socialistic economic system which favours economic redistribution. Are there any practical applications to this religious law in modern Judaism?