Churchill was out of Parliament for a couple of years following the 1922 general election. When he returned, it was as a Conservative and as chancellor of the exchequer in the new Tory government of Stanley Baldwin.

History seemed to teach that the gold standard was the key to prosperity. But the postwar world was a different place. Economist John Maynard Keynes dismissed the gold standard as a "barbarous relic."

The RCA partners settled their dispute, new technologies appeared on the horizon, including television, and the radio series, an ongoing show chronicling the adventures of a fixed cast, became a new form of entertainment.

Radio broadcasts were begun by companies that wanted to sell radios and were offered free of charge. But as the radio craze bloomed, it became apparent that broadcasting was going to have to pay its own way somehow.