Can a country actively progress and improve with a government which legally only allows companies to exist as cooperatives?

Hello! This is my first post in this subreddit. Forgive me if I make some invalid points; I'm only 16 and have recently begun my deep dive into economics.

I first got into economics because I truly believe that the way the economy functions (for the most part) around the globe is not good. It incentivizes the exploitation of the masses for the greed of the elite. I always thought to myself: There must be a way to satisfy and uplift lower-level workers while also allowing for innovation and progress, and also reducing inequality.

I first came across the idea of cooperatives when I found out that one of the biggest dairy product production companies in my country (see Amul) was one. It is the most successful dairy company in my country and in many surrounding countries as well, and it seems to be flourishing despite being owned collectively by over 3 million farmers.

Diving further into research, I found out that cooperatives actually stand a higher chance to succeed than traditional companies in most developed countries.

This led me to my question: Can a country actively progress and improve with a government which legally only allows companies to exist as cooperatives? It seems to be an ideal way to reduce inequality and exploitation while also incentivizing progress and improvements in the standard of life of both the people and the workers. If not, why?

PS: I once again apologize if my question seems ignorant; I am not that well aware of specific theories yet, but would really appreciate criticisms for my ideas!!