(my old country was the leader in implementing "modern country based on best principles known to the humanity at the time". The main mistake people do when look back is blaming the principles, saying that these principles were bad and these are different and better. Nope. After all, the best principles of yesterday - communism and fascism - looked very different (with each claiming to be the best), yet both produced the same result, and today we do understand how much they were the same. The best principles of today (libertarianism according to you, Sharia Islam according to several hundred millions of some other people, ...) will be superseded by the best principles of tomorrow. It isn't the principles that kill millions of other peoples and make lives of other people nightmare. It is other people who do it. It isn't modern country that we need, it is the modern people. For example, people who just wouldn't compile the big database, wouldn't run the analysis and wouldn't issue the order to act upon the result of analysis. It is just that simple and just that hard. )
The Palestinians tried this recently. Heck, they didn't even need to buy the land; they already owned it. Hasn't gone too well for them yet.