We've done the natural experiment to prove that this works. Our control over our environment has expanded astronomically since the rise of the scientific method, and the tools for widespread knowledge sharing. The printing press was the first big step forward, as it democratised literacy.
The internet is the next big step, as it has democratised publishing. This requires a shift from the gatekeeper model of the printing press (where those that controlled the presses needed to decide what to print) or the filtering and curation model that is needed for the internet (where everybody is free to publish what they want, but trusted filters are needed to sort out the accurate descriptions of reality from the alternatives that have been distorted by ignorance, self-interest and malice).
Interestingly, the bulk of the scientific community are still struggling to make that shift - as one of the communities most invested in the knowledge sharing enabled via the printing press, they have a large legacy investment in the gatekeeper model, and it isn't yet clear how the journal system will make the transition to the curation model (where public review takes place first, and then the journals publish only papers that have already survived that gauntlet).