In theory, he wasn't, but in practice this is the result of Keynesianism. This is no mistake. Keynes despised Western civilization but hid this contempt behind a facade of altruism just as he hid his habit of raping children behind the facade of his heterosexual marriage. He knew that socialism could be used to destroy Great Britian.
Keynesianism make Socialism economically viable by preserving private ownership while allowing for central planning and control. This combination of private profit with socialized risk is precisely what leads to the problems emerging in our banks, GSEs, agricultural markets, health care markets, etc, etc.