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Introduction
Powell famously commented that all political careers 'end in failure' (Heffer, 1998, p. 961). If success as a politician necessitates the acquisition of ministerial office and longevity in high office, then his career cannot be defined as that successful. His ascent up the ministerial ladders in the 1950s saw him appointed as Financial Secretary to the Treasury in January 1957. However, this put Powell on a collision course with Harold Macmillan who was resistant to controlling public expenditure. Powell would come to view his time in the Treasury and then his joint resignation (with Chancellor Peter Thorneycroft and fellow Treasury minister Nigel Birch) as an indicator that he was an early advocate of monetarism and an intellectual influence upon the political economy of Thatcherism (see Jarvis, 1998; Green, 2000; Cooper, 2011). His return to ministerial office as Minister for Health (1960-1963) would also come to a premature end by resignation. The succession crisis of October 1963 in the aftermath of Macmillan's resignation resulted in Lord Home emerging from the 'magic circle', an outcome that was unacceptable to Powell. Believing that Macmillan 'as a typical trickster' had 'fudged the figures' (Stark, 1996, p. 18) to prevent R. A. Butler from acquiring the leadership he refused to serve under Home. His second resignation brought his ministerial career to an end at 51.
Once the Conservatives entered opposition Home stood down from the Conservative Party leadership in July 1965 following the establishment of new democratic procedures for leadership selection. Powell stood for the vacant party leadership position, against Edward Heath and Reginald Maudling despite no realistic prospect of winning. He stood for two reasons. First, to establish himself as a politician of stature who could be considered for the leadership in the future (Stark, 1996, p. 89). Second, to advance his Tory neo-liberal beliefs built around attachment to the nation state, institutions and deregulation, denationalisation and the management of inflation by the control of the money supply. However, although Powellism was gaining supporters that did not translate into votes for Powell (he secured 15 votes to Heath on 150 and Maudling on 133) (Heffer, 1998, pp. 384-385). Heath offered him the shadow Defence portfolio, which was the 'safest portfolio' he could find for him (Campbell, 1993, p....