I'm not arguing that that is necessarily the best possible end-state for copyrights, but I do think that this sort of radical move in a western economy would have very interesting, and probably very positive, for that country, consequences.

For a start, a shedload of startups would spring up to monetise all the music and movies and books that are suddenly available. They would quickly iterate through business models before settling on whatever the customers actually want. Once the dust settles, then it would make sense for the government to step back in once again, and say, "ok, now we have a reasonably stable distribution system, let's see how we can enforce some kind of compulsory licence to ensure artists get a share of the pie too."

But the only way to get there is first to eliminate the current copyright holders, shove them out of the picture entirely.