Here.

Makes a point along the way that I've long made (italics in original):

^The current Random House Dictionary definition of "socialism" is serviceable but dated: "a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole." (Land? Clearly, this was written back in ye olde days, when real estate was an asset, not a liability.) Political entrepreneurs are no less creatures of innovation than are market entrepreneurs, and so it is necessary to take issue with one conjunction in this definition: It should read "ownership or control" rather than "ownership and control."^

^...The modern experience suggests that the economist Ludwig von Mises was only partly correct when he wrote, "The socialistic State owns all material factors of production and thus directs it." That was true for the authoritarian, single-party powers of his day. In our own time, the converse is a more accurate description of the real economic arrangement: Under socialism, the state directs the material factors of production as if it owned them. The state does not have to actually own factories, mines, or data centers if it has the power to dictate, in minute detail, how business is conducted within them. Regulation acts as a proxy for direct state ownership of the means of production.^