The long-term consequences of this transformation of British Liberalism were dramatic. Universal pensions, unemployment insurance, and the intensification of industrial regulation all followed in the early twentieth century. Twenty years later, the heirs to this movement were the great social and economic reformers of the 1930s and 1940s, such as T. H. Marshall, John Maynard Keynes, and William Beveridge. They in turn pushed the New Liberalism still further, laying the foundations for a comprehensive welfare state.

Mark Blyth, Austerity, loc. 314