" new American political system and way of governing for which, as yet, we have no name. "
In reading the books by Bill Haywood, Mother Jones, others they talk about a system where they would control the assets while someone else owned them. They saw it as different from capitalism, socialism - they rejected communism - the communist organizers sent letters back home complaining about how hard the IWW people were to work with - lol.
They said they didn't know what to call it, but it was more important that everyone join together in the fight. It was probably strategically easier to focus on that since they did not have the economic disparity that is such an inbred part of life here today. I think if they saw the economic disparity of today they would have just picked up axe handles and bats and gotten with it, but that's speculation.
Anyway, the AF of L helped the industrialists break a strike by the industrial union, and began to proselytize the members. The traitors at the AF of L told them they could have a better life if they would just go to work and quit fighting so much for control, just accept a little less. Compromise.
Some members left, said they would join and change things from the inside. Then business conspired with the government to use WWI to jail or kill those who were left, effectively destroying the industrial union. The union of the business interests was allowed to continue, leaving us where we are today.
That's what happened to their attempt at a new system, anyway.