What I am referring to is not that Technocracy nor what is described in common definitions. It’s not an absolute form of society of government, and it’s certainly not socialist/communist. Maybe it would be better to think of it as a “Technocratic” society rather than a pure “Technocracy”.
All spheres of society would be Technocratic in nature. Meaning highly scientific and managerial in doctrine, results oriented, and principally operated by a skilled bureaucratic class. Not so different from how things are today. This is more or less where we are at this time.
Fundamentally, what you describe as “capitalism” would not change. You could even consider it a more scientific application of Regulated Capitalism. Property rights would still exist and so would markets.
What I would do differently however is remove certain key sectors like Energy and Medicine from the free market. These are too critical to the well being of a nation to leave at the whims of the market. But I would not nationalize them. As I don’t believe they should be at the whims of the government or national politics either. I don’t believe the government can operate organizations with the same efficiency and scientific rigor that private enterprise can. So what is the solution? That satisfies all these categories:
1.) highly efficient and managed like private companies.
2.) Not beholden to market pressure/competition or profit motives
3.) results and mission oriented, dictated by skilled scientific managerial leadership and skilled organized bureaucracy rather than capitalists or politicians.
Partially state funded, partially private funded non profit technocratic monopoly institutions. Private entities. With private leadership. But a state mandate.
Does that sound impractical? This is how the Federal Reserve System operates. I know that it isn’t an exact analogy, but the model exists. And in time, if refined, I believe we could create incredibly efficient and effective private technocratic institutions that occupy a space between the government and private sectors that more optimally satisfy societies most critical needs. And in time we can conceive similarly structured technocratic institutions beyond Energy and Healthcare to revolutionize other aspects of society as well, with things like UBI and advanced AI applications.
The remarkable growth of scientific and managerial capabilities that modern and near future technologies allow could enable some really innovative growth as a civilization- without destroying its foundations- if we are creative.