The American system initially proposed by the first United States Secretary of the Treasury Alexander Hamilton and supported by later US leaders such as Henry Clay, John C Calhoun, and Daniel Webster exhibited the traits of a mixed economy combining protectionism, laissez-faire, and infrastructure spending. By 1914 and the start of World War I Germany had developed a mixed economy with government co-ownership of infrastructure and industry along with a comprehensive social welfare system. After the 1929 stock crash and subsequent Great Depression threw much of the global economy into a severe economic decline, British economists such as John Maynard Keynes began to advocate for economic theories which argued for more government intervention in the economy. Harold Macmillan, a conservative politician in the British Tory Party also began to advocate for a mixed economy in his books "Reconstruction" (1933) and "The Middle Way" (1938). Supporters of the mixed economy, included R. H. Tawney, Anthony Crosland and Andrew Shonfield who were mostly associated with the Labour Party. During the post-war period and coinciding Golden Age of Capitalism, there was general worldwide rejection of laissez-faire economics as capitalist countries embraced mixed-economies founded on economic planning, intervention, and welfare.