"In his management of delicate parliamentary situations Mr. Baldwin was more subtle than is Mr. Churchill. In 1929, when the General Election returned a stronger but still a minority parliamentary Labour Party, Mr. Baldwin did what he had done so successfully in 1924. He sat down and waited. “Give them a chance,” he said, knowing well this was precisely what they didn’t have! Mr. Baldwin was a past master in the use of political inertia. He waited for Mr. MacDonald to weaken his Government by policies which offered a series of rhetorical gestures in place of effective action. Then, when the time came, he struck with remorseless and deadly precision. Because of his restraint and apparent laziness, Mr. Churchill called Mr. Baldwin a “power miser”. But this was a superficial appreciation of the subtlety of Baldwin’s mind. I rate him very high indeed in the ranks of Conservative Prime Ministers. It is true that he presided over a period of capitalist decline in Britain. But there was no capitalist way of preventing the decline. The most that can be said against Mr. Baldwin is that being a Conservative he could not get out of his economic dilemma by applying Socialist policies. In contrast with Baldwin, MacDonald was a pitiful strategist. Instead of putting forward bold and imaginative proposals to deal with the economic and financial crisis he waited like Micawber for “something to turn up”. It was eventually Mr. Baldwin who turned up by kicking Mr. MacDonald into the Premiership of a so-called National Government in which MacDonald was the ignominious prisoner of a Conservative majority. In 1930, Mr. MacDonald, the alleged enemy of capitalism, was waiting anxiously for capitalism to solve its own crisis, and therefore rescue him from his embarrassments."