Common ownership of the means of production is what I call socialism. Public welfare isn't technically part of it, but it's hard to imagine a state where we do

Common ownership of the means of production is what I call socialism. Public welfare isn't technically part of it, but it's hard to imagine a state where we don't have it if power is at all evenly distributed. Central planning is orthogonal to the whole thing... credit institutions and corporations do a hell of a lot of centralized planning.