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Sebastian Mallaby

178 죞¥Ÿ³¤ ¬μ쬟ž™

moderation.” He believed, as Grant

writes, “in progress, religious liberty, lim-

ited government, clean elections, non-

entanglement in foreign wars, [and] free

trade.” Like other liberals o” the time, he

“opposed the brutal laws to punish free

speech, crush delinquent debtors, hang

shoplifters, and maim poachers.” Even as

father o” the lender-of-last-resort doc-
trine, so was he a progenitor o” a wider
political tradition. What U.S. President
Bill Clinton and British Prime Minister
Tony Blair called “the Third Way,” and
what others sometimes label “the radical
center,” Bagehot summed up in his
favorite political watchword: “animated

GRANGER

Liberal lion: a line engraving of Bagehot, 1877