Abstract
The interwar years are now generally regarded as a turning point in the history of capitalist development, and for Britain, as the pivot of the liberal system, a period of drastic change. The First World War appeared to have hastened the transition from the competitive market capitalism of free trade under the discipline of the gold standard to a more controlled economic order eventually based on protection and state intervention in industry, which was now characterised by monopolies and joint stock companies. During the early part of the period, however, it was believed in Britain that the First World War had been an unforeseen and quite discrete intrusion which had led merely to the suspension of the liberal system. Consequently, Britain’s dominant class set about its reconstruction as soon as victory seemed possible.
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