"We own that machine, we own the network its on, we own the bandwidth you use to connect to the outside world, and therefore, we get to say exactly what you get to do with it. If you don't like that, thats fine, I totally understand, leave"
Hell yeah. You own that paper, you own that desk, and you own that telephone I use to connect to the outside world, and therefore you get to say exactly what I get to do with it ?
Seeing that you'll tell me exactly what to do, I won't be getting to do anything innovative. In fact, it could be very dangerous for me not to park my brain at the door when entering your office.
You might think you know exactly what your workers should be doing with their IT, or any other part of the company infrastructure. But your competitors will soon find where you are not half so smart as you think you are.
And really, your workers would have to be be pretty brain dead to be working for a company that takes the view that paying wages buys ownership.
Unless your talking about a business that is doing idiot-simple work like flippin burgers at Maccas, you'll go belly-up just for that reason alone.