Okay, I'll bite. Capitalism is not based on just private ownership, but indirect ownership of the means of production - which is land, labor and capital, both physical and financial. Indirect meaning most owners don't actually use those means of production, but just take the profit generated by them. It also means direct financing through the use of stocks and bonds, which soon becomes indirect as well as soon as they are sold on the secondary market.
Both indirect ownership and financing are the roots of the evils behind modern capitalism. It divorces accountability of the financiers from how they generate their financial flows. It is also overly concerned with only those financial flows, and not with the real flow of goods, and if those goods are actually beneficial, only if their interest payments or dividend checks are coming.
How to address those issues?
Socialism 3.0 - The cooperative commonwealth.
1)Banking is through member-owned institutions based on Islamic principles, i.e no interest, no traditional loans. Most assets purchased through a joint-venture with the bank who is then bought out by the debtor/co-owner. Bonds may be issued on a preferred stock basis - no voting rights and first claim to net profits. Payable only if profits exist. Non-callable. Make financing either partners or subservient to the groups they work with, not the dominant party.
2)Most firms are cooperatives or social enterprises, i.e. non-profits. Indirect ownership is illegal. Financing mostly through bank joint-ventures or bonds. Strict debt to equity of no more than 10 to 1 allowed.
3)Social accounting is required for all firms greater than 10 employees. No more than 50 employees or must convert to a cooperative. No more than 500 employees total per firm, but any firm may join consortia with others. Accountability means recognizing that all costs must be accounted for, especially environmental and social, not just the financial costs, and clear ownership must be present to hold them accountable for their actions.
4)All non-residential land is owned by 'trusts' which lease land for non-residential purposes. Revenues are divided between the 'trust' and the resident members of the trust region. Leases can only be revoked by court order, but the lessee may cancel with proper notice. Land cannot be 'owned', it is only held in stewardship for a bit, and the only steward that can be halfway trusted is the entire public itself. (Any vacant properties after five years have to be 'leased' at auction to the highest bidder, or sold if residential.)
5)Social government. Majority of government functions except for the bare essentials are transferred to government-chartered but independent trusts which receive an initial endowment to manage their operations. Membership in the trusts is open, but voluntary. Don't like libraries, don't use them. Need to go to the ER - head to the non-profit hospital that covers care through its investments, not its patient fees.
The transition could take place over the next 20 - 50 years. Stage one is creating the alternative banking institutions and scaling up those institutions and establishing them on a global level; stage two is buying out capitalist firms and converting them to cooperatives; stage three is buying out the non-residential land and converting them to the trusts. The final stage will be the restructuring of governments and the creation of the social trusts.
At least that's how i would do it.
