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No it would not be even close to being equivalent to gov+dd, because the government and fund would be totally separate power structures.
You could modify the scheme so that dividends and profits only go to retirees, which would make it a giant retirement fund.
Some people argue China is capitalist and others argue it is socialist or communist.
Truth is, these are all 19th century debates on archaic terms. Every developed country today has a mixed-mode economy with some form of capitalism combined with some form of communism.
It’s more fruitful to discuss how we harness the power of each system in a way that benefited humanity.
We (Europe) already did most of the heavy lifting for Ukraine. The US mostly gave old stockpiles of weapons that they would’ve needed to destroy anyway. We are the ones actually paying cash to keep them afloat.
The problem is, in the post-WW2 order, our defense and our defense industry was made dependent on the USA by design. And even up until last November, Europe didn’t want to challenge this arrangement and just went full steam ahead with this arrangement, ordering US made weapons. I think Europe was in denial that Biden could lose or that NATO could ever end.
Only France, and to a limited extent, Sweden and Turkey, have independent defense industries.
In the future, we will have it again. And Ukraine will actually be a key player.
But in the short term, there is no magical button to press that can produce the arms.
Undoing decades of integration isn’t going to be easy.