He's talking about workers owning the means of production. That's straight socialism. Small businesses are socialist. Family farms are socialist. It's large companies that become capitalist as the workers become further and further removed from the means of production.

Also, Lincoln is talking about the master-apprentice relationship common in trades. We've seen such arrangements erode in our society. Now we expect people to take out student loans and fund their own education and then spend years paying off that debt.

Lincoln's approach is, at a minimum, collectivist.