Socialists, naturally, differ very materially upon this point. Probably, however, an overwhelming majority of the leaders of Socialist thought in Europe and this country would agree with the writer that it is fairly probable that the economic structure of the new society will include at least the following measures of socialization: (1) Ownership of all natural resources, such as land, mines, forests, waterways, oil wells, and so on; (2) operation of all the means of transportation and communication other than those of purely personal service; (3) operation of all industrial production involving large compound capitals and associated labor, except where carried on by voluntary, democratic cooeperation, with the necessary regulation by the state; (4) organization of all labor essential to the public service, such as the building of schools, hospitals, docks, roads, bridges, sewers, and the like; the construction of all the machinery and plant requisite to the social production and distribution, and of things necessary for the maintenance of those engaged in such public services as the national defense and all who are wards of the state; (5) a monopoly of the monetary and credit functions, including coinage, banking, mortgaging, and the extension of credit to private enterprise. With these economic activities undertaken by the state, a pure democracy differing vitally from all the class-dominated states of history, private enterprise would by no means be excluded, but limited to an extent making the exploitation of labor and public needs and interests for private gain impossible. Socialism thus becomes the defender of individual liberty, not its enemy. V