Not quite. The worst of it took place when Marx and the French exported their bad ideas. It makes sense - planning works and worked for the American corporate barons of the 19th century. It generated so much wealth for them that people left the poverty of the farms and worked in factories. Why?
Safer for one. Get injured on a farm and you face death, in a factory you have a chance and people will know. Pay was better along with the benefits of living in cities.
But, “do-gooders” only saw filth, tenements, immigrants and poverty. The same as existed out in the country, but invisibly. Then the first Roosevelt started his campaign for “progress” and a few idiots later you’ve got today.