State monopoly
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Once the State begins to intrude in the field of private or free enterprise, it will soon develop into a monopolist wielding power of an enormous character. Every industry in the private sector must play a subservient role, every business activity must be carried on in the mode and manner in which the State dictates. As observed by the Group of Socialist Thinkers, in the “20th Century Socialism,” in such a system: “There is no freedom to experiment with ideas which have not won State approval. The man who wishes to risk or dare is a misfit – or worse. To eliminate all private capital is to open the road to totalitarianism.” Experience has demonstrated that State ownership can as well be dangerous. It has not been immune from abuses and corruption, which it seeks to check. The danger to the individual and his freedom and liberty in such a system was realised by Thomas Jefferson years before, when he expressed his conviction that “the generalising and concentrating all cares and powers into one body has destroyed the liberty and the rights of men in every Government which has ever existed under the sun”.

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