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Tuesday, 9 November 2021, 1:00PM - 2:00PM
Barnard's Inn Hall

The Great Depression and ‘Embedded Liberalism’

Professor Martin Daunton FBA

The Great Depression posed a serious threat to democratic capitalism as economic nationalism flourished and Communism and Fascism offered alternative models. In response, democratic capitalism was remade. Domestically, inequalities of wealth were reduced and social welfare extended to create a social contract between capital and labour. Internationally, new organisations created a rules-based international regime. Together, the result was ‘embedded liberalism’ that contained economic nationalism and allowed recovery of the international economy and rapid post-war growth alongside improvements in domestic welfare.


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Martin Daunton

Martin is Visiting Gresham Professor of Economic History.

He is a British academic and historian. He was Master of Trinity Hall, Cambridge, between 2004 and 2014. He is Emeritus Professor of Economic History at the University of Cambridge.

He has written two books on the history of taxation in Britain –Trusting Leviathan and Just Taxes, and co-edited with colleagues in Berlin a volume of essays on the political economy of public finance in leading OECD countries since the 1970s. Most recently he has finished a book for Allen Lane on the economic governance of the world since 1933 which will be published in 2022.

Professor Daunton's lecture series are as follows: 

2021/22 Three Crises of Capitalism: The Great Depression to the Present

2020/21 Intergenerational Justice

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