E = MC2
Who owns and controls capital – productive wealth – is among the most fundamental questions of political economy, central to understanding the operations of any economic system ... Responses to capitalist private ownership of the economy have traditionally divided along two main lines. In greatly simplified terms, state socialism placed ownership and control of capital with the state, whereas social democracy left it largely in private hands but sought to redistribute the returns through taxation and transfers.
A neglected third tradition, however, largely eclipsed by the left’s great twentieth-century projects, is to be found in the long-running socialist commitment to economic democracy. The central idea of economic democracy is the notion of extending principles of popular sovereignty from the realm of politics and governance into economics. In A Preface to Economic Democracy, Robert Dahl defined economic democracy as 'help[ing] to strengthen political equality and democracy by reducing inequalities originating in the ownership and control of firms.' Approaching the question from the opposite end, G. D. H. Cole, the British socialist theorist and economic democracy advocate, argued that principles of democracy should apply 'not only or mainly to some special sphere of social action known as ‘politics’, but to any and every form of social action, and, in especial, to industrial and economic fully as much as to political offices.'
A change like this would have an explosive impact in the political world. Would it be "destructive" or "constructive?" Such a change should be debated. The point is, if you believe my political science theory, this change in how our economy is structured is completely possible. That makes it well worth thinking about.