The 19th and 20th centuries were some of the most momentous periods of change in human history. The former saw the immense economic power of capitalism and the industrial revolution create levels of unheard-of wealth. The latter saw a battle over how to spread that wealth, with opposing models of the communist command economy facing off against a liberal capitalism tempered by the rise of the welfare state. For Robert Menzies the state had an important ameliorative role to play in society, but he knew that all prosperity and innovation were ultimately driven by individual initiative and enterprise. While this model seemed to have triumphed by the end of the 20th century, it faces new and significant challenges, and that is why it is worth looking back on the big picture of humanity’s recent past. In this week’s episode of the Afternoon Light podcast, Robert Menzies Institute CEO Georgina Downer talks to Professor Richard Pomfret about the central themes of his book, The Age of Equality: The twentieth century in economic perspective.