| | The dream of a cooperative commonwealth in which all would share equally in the prosperity created by an economic system owned by the people was the vision of [[Socialist]]s. This in theory would end [[poverty]], [[ignorance]] and [[crises]]. The idea was to [[Nationalization|nationalize]] banks, railroads, all means of transport, mines, and a few basic industries, but leave some factories, stores, farms, entertainment industries, etc., in the hands of private owners. The government would assume responsibility for making the economy work, for the well-being of all the citizens, their protection from the hazards of life, poverty, sickness, and old age. To make the whole economy work continuously without occasional [[Great Depression#Boom or Bust Cycles|boom-bust]] cycles, the government would create [[economic planning]] boards staffed by a bureaucratic class which would continuously study and observe the functioning of the economic system and make plans covering production, prices, distribution, financing, profits, [[wages]], hours, etc. Thus there would be Planned Capitalism, with the State responsible for the planning and for ensuring the carrying out of its plans through great government bureaus armed with the necessary powers to enforce compliance. | | The dream of a cooperative commonwealth in which all would share equally in the prosperity created by an economic system owned by the people was the vision of [[Socialist]]s. This in theory would end [[poverty]], [[ignorance]] and [[crises]]. The idea was to [[Nationalization|nationalize]] banks, railroads, all means of transport, mines, and a few basic industries, but leave some factories, stores, farms, entertainment industries, etc., in the hands of private owners. The government would assume responsibility for making the economy work, for the well-being of all the citizens, their protection from the hazards of life, poverty, sickness, and old age. To make the whole economy work continuously without occasional [[Great Depression#Boom or Bust Cycles|boom-bust]] cycles, the government would create [[economic planning]] boards staffed by a bureaucratic class which would continuously study and observe the functioning of the economic system and make plans covering production, prices, distribution, financing, profits, [[wages]], hours, etc. Thus there would be Planned Capitalism, with the State responsible for the planning and for ensuring the carrying out of its plans through great government bureaus armed with the necessary powers to enforce compliance. |