You can have public ownership of the means of production without State ownership.
Cooperatives keep economic benefits within the community.
Profit is not siphoned off by outside interests. The co-op's members are its owners. There are co-ops for day care, health care, farm supplies, insurance, tourism, and more. It is estimated that more than 750 million people in the world are members of one or more co-ops. In the late 1700s, the Industrial Revolution was transforming the economy of England.