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No topic has evoked so much discussion in all parts of Great Britain, and indeed in the world outside, as the Labour Party's programme to nationalize 20 per cent of the economy. Nationalization is recognized by all as the most important domestic issue facing the nation because the industries brought under public ownership are vital to Britain's economic recovery at home and a key to her future role in foreign affairs. As the Conservatives will continue the programme as conceived by Labour, except in the case of the iron and steel industry which will probably be returned to private ownership, an analysis of British nationalization is as pertinent today as it was during the Labour Party's tenure in office.The Labour Party defined its nationalization plan in a 1945 electoral document titled Let Us Face the Future which stated in part:There are basic industries ripe and over-ripe for public ownership and management in the direct service of the nation. There are many smaller businesses rendering good service which can be left to go on with their useful work.There are big industries not yet ripe for public ownership which must nevertheless be required by constructive supervision to further the nation's needs and not to prejudice national interests by restrictive anti-social monopoly or cartel agreements, caring for their own capital structures and profits at the cost of a lower standard of living for all.