As owner of the earth and all the major instruments of production and exchange, society would occupy a position which would enable it to insure that the physical and mental benefits derived from its wealth, its natural resources, its collective experience, genius, and labor, were universalized as befits a democracy. It would be able to guarantee to all its citizens the right to labor, through preventing private or class monopolization of the land and instruments of production and social opportunities in general. It would be in a position to make every development from competition to monopoly the occasion for further socialization. Thus there would be no danger to the state in permitting, or even fostering, private industry within the limits described. As the organizer of the vast body of labor essential to the operation of the main productive and distributive functions of society, and to the other public services, the state would automatically, so to speak, set the standards of income and leisure which private industry would be compelled, by competitive force, to observe. The regulation of production, too, would be possible, and as a result the crises arising from glutted markets would disappear. Finally, in the control of all the functions of credit, the state would effectually prevent the exploitation of the mass of the people through financial agencies, one of the greatest evils of our present system. The application of the principles of democracy to the organization and administration of these great economic services of production, exchange, and credit is a problem full of alluring invitations to speculation. "This that they call the Organization of Labor," said Carlyle, "is the Universal Vital Problem of the World." This description applies not to what we commonly mean by the "organization of labor," namely, the organization of the laborers in unions for class conflict, but to the organization of the brain and muscle of the world to secure the greatest efficiency. This is the great central problem of the socialization of industry and the state, before which all other problems pale into insignificance. It is comparatively easy to picture an ideal political democracy; and the main structural economic organization of the Socialist regime, with its private and public functions more or less clearly defined, is not very difficult of conception. These are foreshadowed with varying degrees of distinctness in present society, and the light of experience illumines the pathway before us. It is when we come to the methods of organization and management, the _spirit_ of the economic organization of the future state, that the light fails and we must grope our way into the great unknown with imagination and our sense of justice for guides.