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socialism is state control surrounded by fluffy language Last time I checked, the Gulf monarchies are not socialist states. Even the innumerable number of Chinese capitalists and corporations dispel the notion, as does Singapore's heavy-handed control of its economy through numerous state corporations. Sorry, but government control is not socialism, lest all existing countries are socialist. they took complete control of the economy centrally planning everything So what's this then? Companies privatized by the Nazis included the four major commercial banks in Germany, which had all come under public ownership during the prior years: Commerz– und Privatbank, Deutsche Bank und Disconto-Gesellschaft, Golddiskontbank and Dresdner Bank. Here, let Adam Tooze's Wages of Destruction further educate you on how the private sector worked hand in hand with the Nazis.