The problem I see with that is a return to keeping a lot of inventions secret.
As the rate of industry has increased the patent term hasn't altered and this seems wrong to me, it should be shortened IMO (though I might make exceptions for some fields). The basic premise of exchanging complete disclosure of an invention for a limited time monopoly is still valid and useful.
Yes a world without patents could work but small time inventors would find it nearly impossible to get a financial benefit from their inventions. Lots of R&D would be wasted repeating things the kind of which previously had been disclosed in patent documents.