A similar system was planned for Chile until the CIA overthrew their government in 1973. Allende was really far sighted and imaginative.
And the CIA never overthrew Allende. Chile was never a banana republic. The myth the CIA held the strings is just an American conceit. IIRC, Allende's overthrow was orchestrated by the Chilean Senate, where Allende supporters only nominally held power, and only until Allende's expropriations became intolerable to moderates.
The truth is that for better or worse, Chile was too conservative for both Allende and socialism. It's like the U.S. that way--a relatively conservative society where liberal factions only enjoy sporadic (albeit crucial) successes.