This chapter charts the overall course and key episodes of the National Government during Ramsay MacDonald’s premiership (1931-1935) and that of Stanley Baldwin (1935-37), considering in particular the fortunes of popular Conservatism in the constituencies. It has four sections. The first explores how the Conservatives exploited the financial and political crises of August 1931 to construct a new anti-socialist paradigm that gave the outgoing Labour government’s alleged failing a concrete form around which all Conservatives could mobilise. The second and third sections outline the National Government’s work in securing economic recovery and responding to the plight of the unemployed. It argues that this reflected a culture of active and imaginative government. The final section explores the relationship between party and ‘national’ political identities in the constituencies. IT argues that the process of defining the National Government in the interests of local Conservatism introduced the rank and file to a broader range of political discourses, which complemented but did not supplant their preoccupation with rehabilitating a traditional politics of place.