I think the idea is great. The current system seems to suggest the following discussion between a Head of State and his advisors:
HEAD OF STATE "Hey, do you think it is about time we industrialize?"
ECONOMIC ADVISOR "Sorry sir, we cannot build any factories because only the cool countries can buy machine parts."
HEAD OF STATE "We're not a cool country?"
MINISTER OF THE ARTS "I keep telling you guys, painters and musicians always get the chicks, right? Therefore, increase my budget. If other countries see us with all those chicks, then we'll be cool!"
HEAD OF STATE "Whatever. This advise can't be any worse than that foreign affairs guy with his mythical badboy ratings."