It's not politically viable. It's not even viable within countries that are doing well, much less across the world where people still live in extreme poverty.
You'd need a global authoritarian regime with strong control over the population & extreme taxes or a command economy to make it a reality
I believe at least some proponents of degrowth see it as a vehicle for exactly what you described. That is, if degrowth is really the only solution and the only way to do that is a global authoritarian regime, oh well what can we do, might as well create one and redistribute wealth in a way they see better while we're at it