Dr. Rasmus gives a 70 minute audio interview describing what a Socialist Economy in America would look like as a critical element of a Socialist America.
Rasmus discusses what parts of the US economy would have to be completely nationalized and therefore subject to a national economic plan. What might be the role for a system of public investment corporations and a national public banking system. Apart from controlling the ‘commanding heights’ of the economy by these means, Rasmus describes how the rest of the economy–including most medium and large corporations–might be managed in order to ensure capitalists as a class no longer exercised their hegemony, dominance and control over the economy.
Considering that last point, Rasmus explains how medium and large corporations that were not nationalized would be publicly controlled by means of a radical reconstruction of the tax system, by intense and comprehensive regulation, and by means of community and workers’ representation both on corporate boards of directors as well as in committees of community-workers representatives in these companies at the point of production and in services. A third broad segment of the economy, comprised of very small businesses, would remain subject to markets with some greater degree of regulation and taxation on behalf of society at large.
This scenario of three levels of an initial stage of socialist restructuring of the economy–i.e. by a combination of 1) nationalized corporations with economic planning; 2) medium-large corporations highly taxed, regulated, and with majority worker-community representatives both on their boards of directors and on worker-community committees overseeing their operations at the level of production & services delivery; and 3) small and very small businesses mostly remaining subject to market forces–describes the minimal requirements for an initial socialist economic restructuring.
Following this 3-level description of the initial stage of socialist economic restructuring, Dr. Rasmus explains the changes further required in economic policy that would have to occur in a Socialist Economy as well–including in banking policy, in the retirement system(social security, pensions), in public education (K-12, colleges, non college job training), in the healthcare system (Medicare for All), in housing (public, homeless, price controls for residential), foreign trade (exports-imports-currency), to restore union and collective bargaining, minimum wage and labor market policies, Federal Reserve monetary policy, and so on.
The interview addresses how a Socialist Economy must evolve over time in stages, with the initial stage focused on breaking the economic power and hegemony of big corporations and capitalist investors–just as how the Capitalist Economy originated within the Feudal 500 years ago and thereafter grew in stages as well, until capitalists became dominant over the landed feudal aristocracy of feudalism, which disappeared only in stages over centuries.
The fundamental objective of a socialist economy, Rasmus explains, would be to break the dominance and hegemony of the capitalist class in the economy, and replace it with the hegemony of the working class and community interests in order to ensure production for the public good, not for individual profit.
Rasmus concludes by noting a fundamental restructuring of political institutions would also have to occur in tandem with the economic restructuring as well. Discussion of the political changes required in a Socialist America is left, however, for a subsequent interview.
TO LISTEN To the Interview GO TO:
https://www.spreaker.com/user/9119584/empire-episode82-jackrasmus
Dr. Jack Rasmus @drjackrasmus
Jack Rasmus 
Excellent interview. I particularly liked the sections on the history of taxation in this country as well s social security. Both may be worthy of a separate broadcast or essay.