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" "Of one thing I was glad. It was not an election fought on "Tranquillity"; it was an election fought upon a positive plan—protection against cheap industrial imports threatening British wage standards and jobs. Baldwin's message was easy to explain to those already unemployed or in fear of unemployment. Cheap imports were beginning to flood into the country, even of billets and bars, still more of manufactured iron and steel products. Surely we needed a tariff, if only for bargaining with other countries. Thus it was not difficult to preach protection with sincerity. I felt all the time that our policy attracted many trade unionists who would only not vote for us because of pressure or a false sense of solidarity. After all, before the rise of the Labour Party, the working class had traditionally been Tory; the tradesmen, the shopkeepers, and the middle classes had generally been Liberal... Meanwhile, the memory of massive unemployment began to haunt me then and for many years to come.
Maurice Harold Macmillan, 1st Earl of Stockton OM PC (10 February 1894 – 29 December 1986) was a British Conservative politician and publisher who served six years as Prime Minister (1957–1963). As Prime Minister, he worked to decolonize the British Empire in Africa and repair United Kingdom–United States relations after the Suez Crisis. He also led the Conservative Party to accept the post-war consensus of Keynesian economics and the welfare state. However, he was forced to resign by the Profumo affair and France's veto of British entry into the European Economic Community.
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When I ventured to criticise, the other day, this system I was, I am afraid, misunderstood. As a Conservative, I am naturally in favour of returning into private ownership and private management all those means of production and distribution which are now controlled by state capitalism. I am sure they will be more efficient. What I ventured to question was the using of these huge sums as if they were income. I know now, I have learnt now from the letters that I have received, that I am quite out of date. Modern economists have decided there is no difference between capital and income. I am not so sure. In my younger days, I and perhaps others of your Lordships had friends, good friends, very good fellows indeed too, who failed to make this distinction. For a few years everything went on very well, and then at last the crash came, and they were forced to retire out to some dingy lodging-house in Boulogne, or if the estate were larger and the trustees more generous, to a decent accommodation at Baden-Baden.