I think that this topics can't be looked at in extremes.

We live in a world where advertisement exists. Even a lot of it. Reducing that to zero from one moment to the next would be unthinkable. Chaos would ensue, no questions asked, but the same can be said for any major part of our lives being gone in an instant.

With that being said, I could see the world changing overtime as advertisement get's less and less of a thing. And I also think that a world such as this could function. It is hard to imagine what it would look like given how consume and finance oriented our society is, but it is definitively possible.