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It is not a point of which I am much ashamed. Having grown up in the 1930s, I have a hatred of unemployment. The reason why we over-reacted, if over-reacted we did, was because we hoped that, if it could be shown that we were doing our best to deal with avoidable unemployment, the unions would voluntarily restrain their demands and prevent suffering in the community. The truth is that Mr Powell is so intent for personal reasons on ruining Mr Heath that no attack, however violent, however irrational, or however evilly intentioned, is beyond him in his present frame of mind.

Experience shows that at this rate of inflation, democracy cannot survive... A middle-class backlash is inevitable. A populist movement. In the end people will not put up with the law being broken and factions of the workers getting away with it with impunity. People will take control into their own hands, or a strong government will use the public forces to seize control. People will get hurt. Quite likely there will be a lot of violence one way or another. But in the end there is a limit to what middle-class people will tolerate.

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Lord Hailsham: But to try to turn it into a party issue, is really beyond belief contemptible.
Robert McKenzie: Do you feel that the others that have spoken out, the Bishops, The Times and so on, have tried to turn it into a party issue?
Hailsham: I think you have!

[T]he Disarmament Conference met early in 1932. Under the Presidency of good Arthur Henderson, whose Naval Disarmament Conference in London had been such a success for the Japanese, the only fear in the heart of every good Leftist was, of course, that the wicked Tories with their insane love of armaments might sabotage the whole affair.

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The whole position is a crystal clear example of the proposition that commitments and power must be balanced. Failure to balance them leads to bankruptcy, moral, political, and diplomatic. Neither Britain nor America was capable of paying the debt of honour.
Why?
Not because we did not support the League. Not because we did not believe in collective security. Not because we loved the Japanese. The reason is much simpler. Years of pacifism, disarmament, and false economy had deprived us of the power to do so.