There's a big difference between lessening inequality and centralizing all sources of production. He's certainly not to the Left of FDR and Roosevelt accurately claimed that his greatest accomplishment was, "Saving Capitalism." We face similar problems today in the US and throughout the world. The incompatibility of Democracy and Capitalism (Mercantilism) was understood by the greatest minds in history, all the way back to Aristotle.
In the US we've just conveniently redefined political terms to fit the narrative of those in power. This has been done successfully throughout history.