The doctrine of the Councils leads naturally to _nationalization_. For to confide the administration of the whole of an industry to Economic Councils, in which the workers are represented by the side of the employers and consumers, is to make a direct application of the _Mitbestimmungsrecht_. But other considerations are also tending to give this system a place of increasing importance. “The free play of economic forces” is no longer being upheld. It is affirmed everywhere that classic liberalism has had its day, and that in order to improve the economic situation so extremely unfavourable in all the modern states, it is not enough that things be allowed freely to take their course. It is now thought that “let alone” leads to bankruptcy. One no longer believes in the former principles that held as absolute the right to private property, the right of work, liberty of commerce, and freedom of contract. To-day these rights are held to be limited by the general good and must be exercised by the individual in the interest of all. As the question of principle seems to be settled the problem becomes almost exclusively a practical one. A certain number of industries have become more or less nationalized or even socialized and will become still more so, their number also probably growing. The discussion now seems to be only on the modes of application, on the degree of “maturity” necessary; on whether this or that industry is or is not ripe; on the mode of calculating the cost of exploitation; on bonuses for output, etc., etc. Like the idea of the Councils, this doctrine of nationalization seems to gain more and more. What will come of it for Germany and for the States that will follow this road? Are not these new formulas the ephemeral result of the upheaval due to the war? Or will they, improved and tested by practice, be definitely installed in the economic organization of all modern peoples? To the countries that adopt them, will they bring ruin or economic prosperity and social peace? On these matters, one can only write interrogation marks. In any event, however, it is important to follow the German experiment with the greatest possible interest. GLOSSARY German Translation REICH Commonwealth REICHS- of the Commonwealth, national REICHSARBEITERRAT National Workers’ Council REICHSGERICHT National Judicial Court REICHSKANZLER National Chancellor REICHSMINISTER National Minister REICHSMINISTERIUM, pl., -IEN National Department REICHSPRÄSIDENT President of the Commonwealth, National President REICHSRAT National Council REICHSREGIERUNG National Cabinet REICHSTAG National Assembly