That's way to cumbersome, and we'd need to do a much, much, much better job of educating the population to make it work (realistically, it's not workable).
How does it benefit the nation to let cyclical downturns wipe out industries when they can be saved? If an individual company is badly run or a product is becoming obsolete, that's a different situation, but I'd think that the auto industry rescue was obviously good policy (at least in hindsight, but I'd argue that it was clear at the time).
It would definitely be different, and better in some ways. But overall, no. There's a reason that representative democracy has won out.