[trompetenaccoun]

What would be the societal consequences?

Ownership is an integral part of free societies and is immensely important for our economic system, which doesn't work any other way. People are not motivated to do their jobs properly without incentives, that's basic human nature and systems that tried going against this have failed every time in history.

In a capitalist system, you can have more central authority and planning, but it will lead to inefficiencies and corruption by design. The only way you can sustain such a system then is by increased oppression and censorship of the ill effects. China is a perfect model for this. It works well, granted, at the price of freedom. This is basically what they're steering western countries too as well, only with the billionaires in charge instead of the CCP.