furnish no
remedies against the chief forms of economic monopoly and economic
waste; they can only change the personality and expand the number of
monopolists, and alter the character, not the quantity, of economic
waste. Society has an ever-deepening and more vital interest in the
economical management of the machinery of transport, and this interest
is no whit more secure if the practical control of railways and docks
were in the hands of the Dockers' Union or the Amalgamated Society of
Railway Servants, or of a combined board of directors and trade union
officials, than it is under present circumstances. On the contrary, an
effective organisation of capital and labour in an industry would be
more likely to pursue a policy opposed to the interests of the wider
public than now, because such a policy would be far more likely to
succeed.

Sec. 6. When it is said that modern industry is becoming essentially more
collective in character and therefore demands collective control, what
is meant is that under modern industrial development the interest of
the industrial society as a whole, and of the consuming public in each
piece of so-called private enterprise, is greater than it was ever
before, and requires some guarantee that this interest shall not be
ignored. Where the industry is of such a kind, and in such a stage of
development, that keen competition without undue waste survives, this
public interest can commonly be secured by the enactment of
restrictive legislation. Where such partial control is insufficient to
secure the social interest against monopoly or waste, State
management, upon a national, municipal, or such other scale as is
economically advisable, must take the place of a private enterprise
which is dangerous to society. This necessity becomes obvious as soon
as the notion of a business as being purely "private" or
"self-regarding" in its character is seen to be directly negatived by
an understanding of the complex social nature of every commercial act.
So soon as the idea of a social industrial organism is grasped, the
question of State interference in, or State assumption of, an industry
becomes a question of social expediency--that is, of the just
interpretation of the facts relating to the particular case. In large
measure this social control is to be regarded, not as a necessary
protection against the monopolic power of individuals, but as
necessary for the security of individual property within the