Should Industries be Nationalized?

Should Industries be Nationalized?

The demand for nationalization of industries has to be dealt with caution. The following points should be considered:

1. If the government’s financial and administrative problems are already complicated, it may be undesirable to encourage or introduce further nationalization.

2. Considerations of public welfare must guide the government’s industrial policy. The government should not allow the excesses of the industrialists.

3. The government should try every means in its power to bring about greater co-operation between capital and labor and realize higher standards of production.

4. Where considerations of efficiency unmistakably favor nationalization, the government should not hesitate to adopt that course.

5. A government, like an individual, has to learn its lessons by trial and error, and nationalization also is to be given a fair trial, fair enough to bring out its best results. Nationalization may be practicable in some spheres and desirable in many others. But we must hasten slowly.