This study is an exercise in the history of political perception and opinion. It broke new ground in considering the decline of Liberalism through the eyes of Liberals themselves. By concentrating on what Liberal politicians said to one another and to their audience (public and private) a picture is built up of the frame of mind in which those responsible for guiding Liberalism faced a worsening world after 1914. The coming of the First World War was a critical element in forming that frame of mind; and the frame of mind was itself critical in deciding the fate of Liberalism in the post-war years. What emerges from this study is the paradox that the Liberal mind was the greatest single obstacle in the way of a Liberal revival.