Maybe it could theoretically work (or maybe not), but it's irrelevant because almost impossible to do.
The problem is: how do you take away money (subsidies) from those who have a lot of it (partly precisely from subsidies)?
They can spend a lot for lobbying and public relations in general. The industries which would need to receive these subsidies don't have comparable means for their campaigns, and in part these industries don't even exist yet, because the money is lacking to develop them.
In social movements, many poor can force a few rich to pay more.
But industries are different. How do a few poor convince that the money of many very rich industries (which also feed many workers) should go to them?