"There must be no hesitation to assume control of the means of production where that is essential in the public interest. In the economic life of the nation, no private interest can be allowed to stand against the welfare of the majority. Irrational privileges which disfigure our present order should be abolished. Economic freedom must be made real by giving security and a rising standard of living to all who, by their labour, make civilised life possible. We must substitute co-operation for competition and public service for private profit."