I don't care about whether the player is the 'spirit of the nation' (whatever that means) or the government. I care about gameplay, and if the core gameplay loop is clicking around different areas on the map and plopping down buildings no matter what economy you have then it's not very interesting gameplay.
It will make the game better to have capitalists build their own factories because then the player would have more interesting challenges to work with in order to direct their country to whatever goals they want. It's much more interesting to try to mobilize for war, for example, by improving factory working conditions to get rural workers to urbanize and subsidizing steel costs than just plopping down an arms factory. Having capitalists build their own factors could then turn them into powerful actors you'd have to interact with at an individual and group level -- some of which could become powerful titans of industry and become heavily involved in national affairs. It seems like a missed opportunity to not have people like Rockefellers or Carnegies appearing.
Okay, so you find building things by hand not interesting gameplay in general and prefer more indirect approach. I get that argument. But why do you ask for in only under some economic systems then? Surely automatic build system based on some stimuli like national focuses, development goals etc. would make planned economy more fun to play with too? Why ask for interesting gameplay under some economic systems, but letting other systems be "not interesting in general"?
A lot of things you describe that would make gameplay challenging don't depend on capitalists building their own factories at all. We already know that the workers would choose workplaces based on the salary (and work conditions, I assume) and will desert poorly paid workplaces for greener pastures. So if you "just plop down" the ammunition factory using the Investment Pool money without making sure that the conditions are good (by passing minimal wage laws etc.) no one would go to work there and the factory will go bankrupt.
Don't forget that Capitalists still own the factories you build with their money, they collect dividends, so if your private sector is strong, Industrialists will demand more say in national affairs. If you invest their money poorly, your country will be poor as well, and if you invest it too successfully, your government will become dependent on the Industrialists. Is it not interesting gameplay?
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