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Hugh Dalton

The Finances of Nationalisation

A problem that will increasingly worry the Labour Government is that many of the workers who support nationalisation do so for quite baseless reasons, reasons that the leaders either never believed or have learned by experience to recognise as fallacious. Perhaps the leaders were in a muddle about it themselves or perhaps they chose to gloss over all the awkward facts when they were trying to popularise nationalisation. Whichever way it happened many workers expect great benefits from nationalisation and are in for a rude awakening. They believe that when industry is nationalised profit is eliminated and there are vast sums of money that are freed and can be used to pay higher wages. This is quite without foundation as can be shown both in the old nationalised concerns like the Post Office and the new industries nationalised since the Labour Government came to power.

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