It can be done via a wealth fund (singapore govt owns a huge amount).
Profits go to the people rather than tax cuts (singapore's approach) or an elite.
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Who owns and controls the means of production though?
To a large extent, the singapore govt.
Assuming it was a real democracy (it's not), the people would have voted in that govt. Hence one of the main aims of socialism would have been achieved in Singapore.
Ok, well GIC invest as follows -
'With a network of 10 offices in key financial capitals worldwide, GIC invests internationally in developed market equities, emerging market equities, nominal bonds and cash, inflation-linked bonds, private equity and real estate.'
Can you how that is 'owning the means of production'?
https://en.wikipedia.org/wiki/Economy_of_SingaporeQuote:
Economy of Singapore -
Alongside the business-friendly reputation for global and local privately held companies and public companies, various national state-owned enterprises play a substantial role in Singapore's economy. The sovereign wealth fund Temasek Holdings holds majority stakes in several of the nation's largest bellwether companies, such as Singapore Airlines, Singtel, ST Engineering and Mediacorp.
Continued government contributions into the NZ Superannuation Fund make no sense when the government holds so much debt. The fund should be wound up, with each person in New Zealand getting an equal contribution into their KiwiSaver account.