A person who favors government ownership of all industry and direction of the economy would be

A person who favors government ownership of all industry is called Socialist

Explanation:

Socialism favors maximize government roles by supplementing the market by voluntary transactions. In matters of wealth, redistribution are made to implement wealth.

Socialism favors government interventions while allocating resources without the market, realizing the wave of the future. Therefore American socialist knows that the government better understand the future and know where they should better invest.

Thus, the American socialists believe that the government is the handmaiden with entrenched rights that matches its activities.