ABSTRACT
The second World War, vigorous trade-union action, full employment and the growth of the Welfare State have altered the situation beyond all recognition. Liberal industrial policy attempts to face these related problems of status and significance. In the post-war period considerable changes have taken place in the distribution of income from industry, but the ownership of industry itself, like the ownership of property in general, 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. Experience over the last generation has shown that exhortation and propaganda alone will not lead to a widespread development of co-ownership. The development of co-ownership will bring 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.
