"socialise ownership and control" ... this always ends up with just one person owning(not literally) it, through sheer misuse of political power.

As far as I can see as of now, there is no "realistic" way out. It's a problem of human nature... People are corrupt, people with authority are more corrupt, and people with money and authority, even more. Come intelligent and cheaply mass-produceable robots, and we'll have a new, 4th level spinup too that will be worse than the first 3, combined.