To be honest, I actually disagree with that.

Private ownership isn't the problem. CORPORATE ownership is.

When a company is no longer owned by humans and is instead owned by shareholders (who themselves are usually non-human hedgefunds, LLC's, financial firms, etc...), and being run "Boards of Directors"; fat-cats who have no idea what real life is like and are entirely beholden to a stock price.

When humanity is removed so far from the capitalist equation as they are in corporations, we've lost the plot of what capitalism was supposed to be in the first place; human's buying and selling from other human's.

I usually like to use, as an example, my best and my worst jobs. I worked for a locally owned furniture store. The owner was awesome. He built the business ground up with his family. And he was a success. He paid me fairly, gave good benefits, treated me like family. Would just randomly pass out raises if things were good because he believed in sharing success with the people that helped him achieve it.

The very reason he could do this is because he wasn't beholden to a stock price, or a Board of Directors, whose only legal mandate is to increase profit year over year. He was successful, in the multi-millionaire range. Could he have been even MORE successful (monetarily) if he didn't give raises, or benefits, or paid vacations? Sure he could have. But that's not what it was about.

Compare that to my worst job, working for a Telecom in Canada (frontline store manager, nothing major) and being told that no one was getting raises that year because the "company didn't make any money", even though I knew damn well that the company make 6 billion dollars. But the point was that, because at the beginning of the year, analysts forecast the company to make 7 billion, and because they didn't make it, the stock price was going to take a hit, and holding back raises would at least mitigate that hit a little big. (This...by the way...is the moment that fully radicalized me against corporations).

We need more of the first example and the second is the part of the system that needs to be burned to the fucking ground with extreme prejudice.