'So, for example, The government would own midchuck's Froggy Bottom and Collings guitars. Right?'

No, social ownership is not the same as state ownwership. State ownership does not change the capitalist character of production and consumption, look at the so-called 'communist' countries. The term socialism, before it was corrupted by the leaders of various reforming and opportunist 'vanguard of the people' parties, always meant social or common (communism) ownership, the negation of private property.

What's a Froggy Bottom?

Piers