Still confining ourselves to the economic interests, we should find it necessary to secure that the labour unions shall find effective representation in the legislative organisation; and so long as private ownership of industrial plant is permitted, the same thing is true of employers’ associations as well. But it is plain that while industry is subject to this antagonism of interests within itself, it is not likely to minister to the public interest as effectually as we have a right to require of it. Ultimately we shall be compelled to establish the doctrine that industrial production is a community-interest and to institute the principle of national Guilds as the ground plan of industrial organisation. Some approach to this plan has been made during the war in the interests of increased productivity; and the situation consequent upon the war in the belligerent countries is likely to aggravate rather than abate the acuteness of the problem of productivity. On this account it would be a grave misfortune if industry were permitted to relapse into its pre-war inefficiency. Thorstein Veblen, in a shrewd analysis of the working of the capitalistic system in America, estimates that it “lowers the actual output of the country’s industry by something near fifty per cent. of its ordinary capacity when fully employed.” “But” he adds, “it is at the same time plain enough that this, in the larger sense, untoward discrepancy between productive capacity and current productive output can readily be corrected, in some appreciable degree at least, by any sufficient authority that shall undertake to control the country’s industrial forces without regard to pecuniary profit and loss. Any authority competent to take over the control and regulate the conduct of the community’s industry with a view to maximum output as counted by weight and tale, rather than by net aggregate price income over price cost can readily effect an appreciable increase in the effectual productive capacity.... The several belligerent nations of Europe are showing that it can be done, and they are also showing that they are all aware, and have always been aware, that the conduct of industry on business principles is incompetent to bring the largest practical output of goods and service; incompetent to such a degree indeed as not to be tolerable in a season of desperate need when the nation requires the full use of its productive forces, equipment and man power, regardless of the pecuniary claims of individuals.”[42] The course of events seem to point to the institution of the “sufficient authority” which Professor Veblen indicates. It is clear that this authority must be of a character to ignore the exigencies of the profit-system, and to operate with an eye single to the welfare of the community; in which case, soon or late, there must be eliminated from it those who would desire to turn it to a personal or sectional advantage. Or at least their possible advantage from industry