That sounds great in theory, but so does Marxism. Centralization very very rarely beats a competitive market for efficiency.
Marxism has sounded terrible in theory ever since Game Theory and Information Theory became serious subjects (what, about 50+ years now?)
Same for central planning of anything - it's an information theoretical problem - the central planners always lack sufficient information and sufficient information processing capacity to make good decisions. The information and capacity are distributed in markets.
It's kinda like getting rid of packet-switched networks and having one computer do all of the Internet traffic flow. That would be an unmitigated disaster. Let's name it after Chavez, tho.