So much about the 2017 Labour election campaign has been heartening: the energy, the conviction, the full-throated embrace of remaking government in the service of the many.

All of the main campaign pledges — from free tuition to thousands of new homes to a stronger National Health Service — will change where money and resources flow in the UK, from those who need them least to those who need them most. But one set of proposals, if implemented, would go further, starting to transform the foundations of the economy.

A few months ago, a group of Labour Party researchers quietly delivered a report titled “Alternative Models of Ownership” to Shadow Chancellor John McDonnell. Its core message is simple: the Left must begin to democratize the economy.