Postwar consensus

The postwar consensus was a broad mid-twentieth-century agreement in several countries supporting mixed economies, full employment, and expanded social provision. It joined market economies with a larger role for governments in managing economic life.

Keynesian economics: An economic theory advocating demand management, especially government spending, to stabilize output and employment. Its case for countercyclical policy underpinned consensus commitments to full employment.
Attlee ministry: The British Labour government led by Clement Attlee from 1945 to 1951. Its nationalizations, welfare reforms, and public services exemplified the British settlement.
Great Depression: A severe worldwide economic crisis that began in 1929 and lasted through much of the 1930s. Mass unemployment weakened confidence that markets alone could secure economic stability.
Neoliberalism: A political-economic tradition favoring market competition, private enterprise, and limits on state economic direction. Its rise challenged the consensus's acceptance of extensive economic management.
Mixed economy: An economic system combining private enterprise with public ownership, regulation, or provision. It captures the consensus's combination of markets and state intervention.
National Health Service: The United Kingdom's publicly funded health system, established in 1948. The NHS made universal public provision a lasting institution of the British consensus.
World War II: A global war fought from 1939 to 1945 between the Allied and Axis powers. Wartime planning and shared sacrifice strengthened demands for security in peacetime.
Monetarism: An economic theory emphasizing control of the money supply as a means of managing inflation and economic activity. Its policy prescriptions displaced Keynesian demand management in several countries.
Welfare state: A system in which government provides social insurance and services to protect people's welfare. Expanded social provision was one of the consensus's defining commitments.
Social market economy: A German economic model combining market competition with social protections and a regulatory framework. West Germany developed a distinct version of mixed-economy consensus.

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