> A very common example of this is people suggesting to remove private profits from the modern economy. It seems like a really good way to cut down waste and save costs in theory, but it never worked in practice if you do it for the whole economy. It does work really well for some problems, but for many others those private profits seems to be a necessary evil for the system to work well.

> What those people are missing is that private profits is a really good instrument for allocating resources and performing quality control efficiently in many sectors.

Such a ‘whole economy’ system was being built by Allende’s socialist government in Chile in the form of project Cybersyn (with the help of a well known British cyberneticist). This was before the Chilean bourgeoisie, backed by US imperialist forces, coup-ed Chile: https://www.youtube.com/watch?v=RJLA2_Ho7X0

An exciting project called http://valueflo.ws is being developed by http://mikorizal.org and others that reminds me a lot of Cybersyn.