In the post-war period considerable changes have taken place in the distribution of income from industry, but the ownership of industry itself is still in the hands of a tiny minority, while industrial power is confined to a still smaller number of large owners of industrial capital and a small and highly influential group of managers. The development of co-ownership brings certain fundamental alterations in industrial relationships, and it has been suggested that once these changes have taken place the function of the trade unions will be drastically altered and perhaps considerably reduced. In particular the union attitude towards wages may profoundly influence economic development. The political power of unions in nationalized industries is also great—any Government may well dread a strike in a vital national service. Arbitrary emergency intervention by Government can have no place in the proper running of nationalized industry.