This sounds like actual socialism. The kind of socialism that seeks to abolish private property and the concept of ownership. Only personal property remains, and workers controlling the companies they work in as a natural extension. It may not be intended to be socialism, but it would lead to socialism if universally adopted.
On the average, when someone says "socialism", it's intended to be an insult. It also serves as an indicator that the person is not interested in having a real discussion. But this is not it. This is real socialism. The kind of socialism that died as a mainstream option in Europe with the USSR, but which is still somewhat popular in the US.
That sounds like concentrated power in a hands of a few people, government officials who decide what's what. This leads to oppression. And central planning for everything is definitely bad. Plenty of examples from China and former Soviet block.
Our current system (which is not true capitalism in my view) also has concentrated power in the hands of a few people.
So what do you call a system where the majority of people can't be exploited by the 1%?
On the average, when someone says "socialism", it's intended to be an insult. It also serves as an indicator that the person is not interested in having a real discussion. But this is not it. This is real socialism. The kind of socialism that died as a mainstream option in Europe with the USSR, but which is still somewhat popular in the US.