""eliminate patents, and trade secrets and force all corporations to be 100% open sourced.""

The short term monopolies created by patents give inventors incentive to innovate and experiment. Improvements in design tend to effectively shorten the duration of patents anyway.

Not sure our IP laws are the cause of economic turmoil or inequality. But the lack of IP enforcement coupled with over involvement of government wreaks havoc on global systems. See PRC, e.g.