It would fail for the same reason the economy has already failed. The government does not respect the private property rights of individuals or businesses. As such any attempt to generate wealth ends when someone in power decides to take it.
When governments fail to protect the private property rights of their citizens, be it physical property, financial investments and savings, to the income they earn, poverty will result for the majority.
When governments fail to protect the private property rights of their citizens, be it physical property, financial investments and savings, to the income they earn, poverty will result for the majority.