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democracy was to be restored. But after two years, the matter has lost some of its early urgency. It somehow appears unrelated to the really important questions of the day, and there are some persons who now agree with the statement made by Edouard Herriot a good many years ago that nationalization is like a drum: it makes a lot of noise, but there is nothing inside. The issues, however, are more complicated than that, and they are sufficiently important to deserve careful consideration.