It was the raw material of Municipal Socialism, and from this time forth the Society recognised that the municipalisation of monopolies was a genuine part of the Socialist programme, that the transfer from private exploiters to public management at the start, and ultimately by the amortisation of the loans to public ownership, actually was pro tanto the transfer from private to public ownership of land and capital, as demanded by Socialists.
"The History of the Fabian Society"
Edward R. Pease